Zoominfo Technologies Inc (ZI) 2021 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the ZoomInfo Fourth Quarter and Full Year 2021 Financial Results Conference Call. (Operator Instructions) Please be advised that today's conference may be recorded. (Operator Instructions) I would now like to hand the conference over to your host today, Jerry Sisitsky, Investor Relations. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 ZoomInfo 2021 年第四季度和全年財務業績電話會議。 （操作員說明）請注意，今天的會議可能會被錄製。 （操作員說明）我現在想將會議交給今天的主持人，投資者關係部的 Jerry Sisitsky。請繼續。

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

偉大的。謝謝，米歇爾，歡迎大家參加 ZoomInfo 的財務業績電話會議，重點介紹我們 2021 年第四季度和全年的業績。今天與我通話的是 ZoomInfo 的創始人兼首席執行官 Henry Schuck；和我們的首席財務官 Cameron Hyzer。在他們的發言之後，我們將打開問答電話。

During this call, any forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Expressions of future goals, including business outlook; expectations for future financial performance and similar items, including, without limitation, expressions using the terminology may, will, expect, anticipate and believe; and expressions which reflect something other than historical facts, are intended to identify forward-looking statements.

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

Forward-looking statements involve a number of risks and uncertainties, including those discussed in the Risk Factors sections of our filings with the SEC. Actual results may differ materially from any forward-looking statements. The company undertakes no obligation to revise or update any forward-looking statements in order to reflect events that may arise after this conference call, except as required by law. For more information, please refer to the cautionary statement included in the slides that we have posted to our Investor Relations website at ir.zoominfo.com.

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

All metrics discussed on this call are non-GAAP, unless otherwise noted. A reconciliation can be found in the financial results press release or in the slides that we have posted to our Investor Relations website. We'll be participating in a number of investor events this quarter, and we're excited that we are able to meet with more investors in person.

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。本季度我們將參加一些投資者活動，我們很高興能夠親自與更多投資者會面。

Lastly, we plan to host an investor event on Thursday, June 2, beginning at 3 p.m. Eastern Time. We ask that you please save the date. More details and registration information will be available through our Investor Relations website. We look forward to your participation. With that, I'll turn the call over to our CEO, Henry Schuck.

最後，我們計劃在 6 月 2 日星期四下午 3 點開始舉辦投資者活動。東部時間。我們要求您保存日期。更多詳細信息和註冊信息將通過我們的投資者關係網站獲得。我們非常期待你的參與。有了這個，我將把電話轉給我們的首席執行官亨利舒克。

Thank you, Jerry, and welcome, everyone. This was the strongest fourth quarter in the company's history. We continue to drive growth across all our major initiatives: enterprise, international and our emerging products, while continuing to broaden and deepen our data moat.

謝謝你，傑瑞，歡迎大家。這是該公司歷史上最強勁的第四季度。我們繼續推動所有主要計劃的增長：企業、國際和我們的新興產品，同時繼續擴大和深化我們的數據護城河。

The innovation we deliver and the enhanced value that we provide our customers drives a unique combination of world-class revenue growth, profitability (technical difficulty) 2021 was a transformative year for ZoomInfo as we continued to execute on our vision of delivering a comprehensive revenue operating system that reimagines the way businesses go to market.

我們提供的創新和我們為客戶提供的更高價值推動了世界一流的收入增長、盈利能力（技術難度）的獨特組合 2021 年對於 ZoomInfo 來說是變革性的一年，因為我們繼續執行實現全面收入運營的願景系統重新構想企業進入市場的方式。

This year, we significantly expanded our offering by developing an application layer on top of our best-in-class data assets and acquiring and quickly integrating chat conversation intelligence and orchestration technology into the platform. These innovations enabled us to add more new customers than ever before and drove increasing levels of sales to existing customers and record net revenue retention of 116%, up from 108% in 2020.

今年，我們通過在我們一流的數據資產之上開發應用層，以及獲取聊天對話智能和編排技術並將其快速集成到平台中，顯著擴展了我們的產品。這些創新使我們能夠比以往任何時候都增加更多的新客戶，並推動對現有客戶的銷售水平不斷提高，淨收入留存率從 2020 年的 108% 提高到 116%。

In the fourth quarter, we delivered GAAP revenue of $222 million, a year-over-year growth of (technical difficulty) growth of 13% when adjusted for the number of days in the quarter. For the full year, we delivered GAAP revenue of $747 million, up 57% on the year, organic growth greater than 50%, operating income margin of 41% and unlevered free cash flow of $347 million, up 42% year-over-year and quickly approaching more than $1 per share in free cash flow.

在第四季度，我們實現了 2.22 億美元的 GAAP 收入，根據該季度的天數調整後，（技術難度）同比增長 13%。全年，我們的 GAAP 收入為 7.47 億美元，同比增長 57%，有機增長超過 50%，營業利潤率為 41%，無槓桿自由現金流為 3.47 億美元，同比增長 42%並迅速接近每股超過 1 美元的自由現金流。

We are delivering a leading combination of growth, profitability and free cash flow generation at scale. We closed the quarter with 1,452 customers with greater than $100,000 in ACV, up 70% year-over-year, while adding more new customers to the overall business than any other quarter in our history. Growth across our newly introduced products was strong as well, with Chorus and RingLead leading the way. At the time of acquisition, our conversation Intelligence platform, Chorus, was growing 100% year-over-year, and we accelerated that growth in both the third and fourth quarters of 2021.

我們正在大規模提供增長、盈利能力和自由現金流生成的領先組合。我們在本季度結束時有 1,452 名客戶的 ACV 超過 100,000 美元，同比增長 70%，同時為整體業務增加的新客戶比我們歷史上任何其他季度都多。我們新推出的產品的增長也很強勁，其中 Chorus 和 RingLead 處於領先地位。在收購時，我們的對話智能平台 Chorus 同比增長 100%，我們在 2021 年第三和第四季度都加速了這一增長。

We enabled more reps to sell the Chorus solution and accelerated investments in artificial intelligence, transcription, scalability and platform integration to innovate faster than the rest of the market. We believe our accelerating growth rates on Chorus make us the fastest growing conversation intelligence provider in the market.

我們讓更多的銷售代表能夠銷售 Chorus 解決方案，並加快了對人工智能、轉錄、可擴展性和平台集成的投資，以比市場上的其他公司更快地進行創新。我們相信，我們在 Chorus 上的加速增長使我們成為市場上增長最快的對話智能提供商。

Another testament to the power of our go-to-market motion is demonstrated through RingLead, where in Q4, we've added more than 2x the amount of ACV than it did independently in Q3. We have consistently proven our ability to acquire well, integrate quickly, innovate on top of and accelerate the growth rates of the technologies that we acquire.

RingLead 證明了我們進入市場的力量的另一個證明，在第四季度，我們增加的 ACV 數量是第三季度獨立增加的兩倍多。我們不斷證明我們有能力很好地獲取、快速整合、創新並加快我們獲得的技術的增長率。

As we exited 2021, international revenue eclipsed the run rate of $100 million. And for the year, international revenue was up 91%. As Cameron will detail, we expect our momentum across all of these initiatives to continue into 2022, with our initial guidance for the year calling for revenue growth of 36% and over $425 million in unlevered free cash flow.

當我們退出 2021 年時，國際收入超過了 1 億美元的運行速度。這一年，國際收入增長了 91%。正如卡梅倫將詳述的那樣，我們預計所有這些舉措的勢頭將持續到 2022 年，我們對該年度的初步指導要求收入增長 36% 和超過 4.25 億美元的無槓桿自由現金流。

This month, we also launched RevOS, our modern operating system for revenue professionals and the future of go-to-market software. RevOS delivers data insight, software and integrations needed by businesses and professionals (technical Difficulty].

本月，我們還推出了 RevOS，這是我們面向收入專業人士的現代操作系統和上市軟件的未來。 RevOS 提供企業和專業人士所需的數據洞察力、軟件和集成（技術難度）。

Through a new unified system, RevOS comprises 4 primary product pillars: SalesOS, RecruitingOS, OperationsOS, and our new account-based marketing platform, MarketingOS. RevOS and the operating system framework helped introduce customers to the breadth of our offering and the value of technology (technical difficulty) net revenue retention rates and ASP as customers continue to adopt more functionality from more areas of our platform.

通過一個新的統一系統，RevOS 包含 4 個主要產品支柱：SalesOS、RecruitingOS、OperationsOS，以及我們新的基於帳戶的營銷平台 MarketingOS。隨著客戶繼續從我們平台的更多領域採用更多功能，RevOS 和操作系統框架幫助客戶了解我們產品的廣度以及技術（技術難度）淨收入保留率和 ASP 的價值。

Today, our customers are using the full spectrum of the ZoomInfo platform to go to market and scale their businesses. Our platform provides the products and software that can help them power revenue at every phase of their growth journey.

今天，我們的客戶正在使用全方位的 ZoomInfo 平台進入市場並擴展他們的業務。我們的平台提供的產品和軟件可以幫助他們在成長過程的每個階段增加收入。

2 different trillion dollar market cap companies are leveraging ZoomInfo across their sales team, both using our Data-as-a-Service offering to identify their total addressable markets and to score leads to power their outbound motion. Both are leveraging our APIs to update and enrich their customer data within their respective go-to-market systems as well.

2 家不同的萬億美元市值公司正在其銷售團隊中利用 ZoomInfo，兩者都使用我們的數據即服務產品來確定他們的總目標市場並獲得線索以推動他們的出站行動。兩者都在利用我們的 API 在各自的上市系統中更新和豐富他們的客戶數據。

Kaseya, a leading provider of unified IT management and security software for MSPs and small businesses, needed a more robust data provider for enrichment and account segmentation purposes. They switched to the ZoomInfo platform, including intent signal, giving them real-time access to the businesses and market for security software and identifying previously anonymous visitors to their website through our robust IP-to-company graph. Their innovative marketing team has invested in our new MarketingOS platform, while SalesOS is being rolled out to the majority of their sellers and demand gen teams across 8 different business units.

Kaseya 是面向 MSP 和小型企業的統一 IT 管理和安全軟件的領先供應商，它需要一個更強大的數據供應商來實現豐富和帳戶細分。他們切換到 ZoomInfo 平台，包括意圖信號，使他們能夠實時訪問企業和安全軟件市場，並通過我們強大的 IP 到公司圖表識別以前匿名訪問他們網站的訪問者。他們創新的營銷團隊已投資於我們的新 MarketingOS 平台，而 SalesOS 正在向 8 個不同業務部門的大多數賣家和需求生成團隊推出。

A leading provider of unified communications and communications (inaudible) increased their usage of ZoomInfo through product expansion, extending access to new sales teams and serving new data sets to marketing. They're now leveraging SalesOS, Chorus and DaaS and getting value from ZoomInfo across sales, marketing and operations. As a RingLead customer, we're able to provide them a unified set of enrichment tools, tightly integrated into the ZoomInfo platform. The result, they're able to better analyze, engage and penetrate new markets while aggressively growing their market reach.

一家領先的統一通信和通信提供商（聽不清）通過產品擴展增加了對 ZoomInfo 的使用，擴大了對新銷售團隊的訪問，並為營銷提供了新的數據集。他們現在正在利用 SalesOS、Chorus 和 DaaS，並在銷售、營銷和運營方面從 ZoomInfo 獲得價值。作為 RingLead 的客戶，我們能夠為他們提供一套統一的豐富工具，緊密集成到 ZoomInfo 平台中。結果，他們能夠更好地分析、參與和滲透新市場，同時積極擴大市場範圍。

In addition to delivering success for commercial businesses, we're excited to extend our data to the government sector as we recently announced the availability for government agencies to purchase ZoomInfo through a GSA Schedule where we have already closed business, and we anticipate unseating legacy vendors with hundreds of millions of dollars of existing contract value.

除了為商業企業帶來成功之外，我們很高興將我們的數據擴展到政府部門，因為我們最近宣布政府機構可以通過 GSA 時間表購買 ZoomInfo，我們已經關閉了業務，我們預計會取代傳統供應商現有合同價值數億美元。

As part of the operating system evolution, we've also launched MarketingOS, our account-based marketing platform designed to give marketers new ways to reach target accounts and drive qualified leads for sales. Since the acquisition of Clickagy in 2020, we have assembled a team of ABM experts in our product, engineering, strategy and customer success organization and have been diligently working to bring a broad suite of marketing software to market.

作為操作系統演進的一部分，我們還推出了 MarketingOS，這是我們基於帳戶的營銷平台，旨在為營銷人員提供新的方式來接觸目標客戶並推動合格的銷售線索。自 2020 年收購 Clickagy 以來，我們在產品、工程、戰略和客戶成功組織中組建了一支由 ABM 專家組成的團隊，並一直在努力將一整套營銷軟件推向市場。

In all of our prelaunch diligence, we heard over and over again that the applications that marketers were leveraging to do account-based marketing were falling short for one main reason. The data being leveraged in those platforms was both inaccurate and incomplete. And that's no surprise. Today's ABM platforms were all designed to leverage a company's own first-party data that exists in their CRM or marketing automation system.

在我們所有的發布前盡職調查中，我們一遍又一遍地聽到營銷人員用來進行基於帳戶的營銷的應用程序由於一個主要原因而不足。這些平台中使用的數據既不准確也不完整。這並不奇怪。今天的 ABM 平台都旨在利用公司自己的第一方數據，這些數據存在於他們的 CRM 或營銷自動化系統中。

And in 15 years of running ZoomInfo, I've never heard a rep manager or revenue leader describe that type of data as either complete or accurate. Yet without accurate and complete data, marketers aim advertising dollars at the wrong company and target the wrong people at those companies. They deliver fruitless leads to sales, which erodes confidence and fails to build alignment between sales and marketing. So we built MarketingOS the same way we build every application with our best-in-class data at the foundation of the application layer.

在運行 ZoomInfo 的 15 年中，我從未聽過代表經理或收入負責人將此類數據描述為完整或準確。然而，如果沒有準確和完整的數據，營銷人員會將廣告資金瞄準錯誤的公司，並將錯誤的目標對準這些公司。他們為銷售提供了徒勞的線索，這削弱了信心，也無法在銷售和營銷之間建立一致性。因此，我們構建 MarketingOS 的方式與我們在應用層的基礎上使用我們一流的數據構建每個應用程序的方式相同。

ZoomInfo's MarketingOS allows marketers to engage their buyers directly through display and social advertising network to create hyper-targeted campaigns and integrated systems, to identify and prioritize best-fit audiences using intent, engagement and website visitor data and to programmatically (inaudible) industry-leading data science algorithms to engage buyers when they're most likely to convert.

ZoomInfo 的 MarketingOS 允許營銷人員通過展示和社交廣告網絡直接吸引他們的買家，以創建超針對性的活動和集成系統，使用意圖、參與度和網站訪問者數據識別和優先考慮最合適的受眾，並以編程方式（聽不清）行業領先數據科學算法在買家最有可能轉化時吸引他們。

For today's B2B revenue teams, data, insights, technology and orchestration are core to the motion they use to market and sell their products. But these capabilities are siloed. Some can be found in marketing tech or revenue operations, while others are in the sales tech stack. The launch of MarketingOS puts best-in-class marketing technology into the hands of innovative go-to-market professionals. And because ZoomInfo has long been the standard for sales teams to target the right accounts and accelerate pipeline, it also breaks down the walls that keep marketing and sales from being aligned.

對於當今的 B2B 收入團隊而言，數據、洞察力、技術和編排是他們用於營銷和銷售產品的核心。但這些功能是孤立的。有些可以在營銷技術或收入運營中找到，而另一些則在銷售技術堆棧中。 MarketingOS 的推出將一流的營銷技術交到了創新的市場營銷專業人士手中。由於 ZoomInfo 長期以來一直是銷售團隊瞄準正確客戶和加快渠道的標準，它還打破了阻礙營銷和銷售保持一致的牆。

We've also continued to innovate across several key areas in our platform. We've built our bidirectional sync with Salesforce to allow our customers to leverage their own customer data alongside ZoomInfo's data to help them uncover more insights about their existing book of business and to be smarter and more data-driven about their next go-to-market motion. This functionality has been incredibly well received with a nearly 30% increase in adoption from Q3 to Q4.

我們還繼續在我們平台的幾個關鍵領域進行創新。我們已經與 Salesforce 建立了雙向同步，讓我們的客戶能夠利用他們自己的客戶數據以及 ZoomInfo 的數據，幫助他們發現關於他們現有業務的更多見解，並在他們的下一個目標變得更智能和更多數據驅動市場動向。此功能非常受歡迎，從第三季度到第四季度，採用率增加了近 30%。

Following the success of our Salesforce Sync, we have expanded the functionality to HubSpot and Marketo. We've introduced this advanced integration functionality to our SalesOS and MarketingOS platforms to enhance the users' ability to marry first- and third-party data to build hyper-tailored audiences of their most ideal customers.

隨著 Salesforce Sync 的成功，我們將功能擴展到 HubSpot 和 Marketo。我們已將這種高級集成功能引入我們的 SalesOS 和 MarketingOS 平台，以增強用戶結合第一方和第三方數據的能力，從而為他們最理想的客戶構建超定制的受眾。

With Engage, our sales automation platform, we released our largest feature set to date, including a deep integration with Microsoft Dynamics CRM and significant investments in e-mail and automation capabilities. Prebuilt e-mail and template library, deeper analytics through AI e-mail assistant enable customers to create better e-mails that scale.

借助我們的銷售自動化平台 Engage，我們發布了迄今為止最大的功能集，包括與 Microsoft Dynamics CRM 的深度集成以及對電子郵件和自動化功能的重大投資。預建的電子郵件和模板庫，通過 AI 電子郵件助手進行更深入的分析，使客戶能夠創建更好的可擴展電子郵件。

All of this is available right in the Gmail interface through our new Engage Gmail plug-in. With this release, Engage is fully able to meet the sales automation needs of companies of all sizes, on par with competitive point solutions. We believe that when combined with native integration to our best-in-class data and the most robust conversation intelligence product in Chorus, we will continue to take market share in the engagement layer.

所有這些都可以通過我們新的 Engage Gmail 插件在 Gmail 界面中使用。通過此版本，Engage 完全能夠滿足各種規模公司的銷售自動化需求，與具有競爭力的點解決方案相媲美。我們相信，當與我們一流的數據和 Chorus 中最強大的對話智能產品的原生集成相結合時，我們將繼續在參與層佔據市場份額。

We also continue to hear from customers that the accuracy and the quality of the data and insights available in our platform differentiates us. And we've doubled down on our investment there, further widening our competitive moat around data quality. We re-architected and modernized our data acquisition systems and infrastructure to leverage the most modern neural network and machine learning model.

我們還繼續從客戶那裡聽到，我們平台中可用數據和見解的準確性和質量使我們與眾不同。我們在那裡的投資翻了一番，進一步擴大了我們圍繞數據質量的競爭護城河。我們對數據採集系統和基礎設施進行了重新架構和現代化改造，以利用最現代的神經網絡和機器學習模型。

As a result of our investment in software, machine learning and infrastructure, we grew international contact coverage by more than 20 million contacts in Q4, while international company coverage grew more than 100% year-over-year and by more than 2.5 million companies in Q4.

由於我們在軟件、機器學習和基礎設施方面的投資，我們在第四季度的國際聯繫人覆蓋率增加了超過 2000 萬，而國際公司覆蓋率同比增長超過 100%，並且在第四季度增加了超過 250 萬家公司Q4。

We also continue to invest in our team, having added approximately 1,000 employees this year. While growth is important, our teams also expect us to commit to diversity and inclusion. Today, our teams are more racially diverse than our SaaS peers. We have 10% greater Hispanic representation across our sales organization, 35% greater black representation across our sales and engineering organization, 70% greater black representation across our sales managers and 35% more women across our workforce than the benchmarks across the software industry.

我們還繼續投資於我們的團隊，今年增加了大約 1,000 名員工。雖然增長很重要，但我們的團隊也希望我們致力於多元化和包容性。今天，我們的團隊比我們的 SaaS 同行更具種族多樣性。與整個軟件行業的基準相比，我們在銷售組織中的西班牙裔代表人數增加了 10%，在銷售和工程組織中的黑人代表人數增加了 35%，在銷售經理中的黑人代表人數增加了 70%，女性員工人數增加了 35%。

We also deliver on our promise of career growth, with career mobility at ZoomInfo coming in over 2.5x higher than the career mobility that can be found at other SaaS companies. We strive to attract the best people regardless of race, gender or orientation. And we ensure pay equality throughout the organization.

我們還兌現了職業發展的承諾，ZoomInfo 的職業流動性比其他 SaaS 公司的職業流動性高出 2.5 倍以上。我們努力吸引最優秀的人才，不分種族、性別或取向。我們確保整個組織的薪酬平等。

This year, we're publishing our first ever sustainability report, which details our commitment to providing an environment where employees can grow and succeed, our commitment to diversity and inclusion, our commitment to privacy and transparency with respect to the data we collect, our commitment to good corporate governance and our commitment to the environment.

今年，我們將發布我們的第一份可持續發展報告，其中詳細說明了我們對提供員工成長和成功環境的承諾、我們對多元化和包容性的承諾、我們對收集的數據的隱私和透明度的承諾、我們的對良好公司治理的承諾和我們對環境的承諾。

Our goal was to identify areas that were most impactful to our business and report on relevant metrics, taking credit for our success and holding ourselves accountable where we can improve. Over time, we expect to expand the level of reporting, and we look forward to sharing our progress with you as we build a durable growth company for the long term.

我們的目標是確定對我們的業務影響最大的領域並報告相關指標，將我們的成功歸功於我們，並對我們可以改進的地方負責。隨著時間的推移，我們希望擴大報告水平，並期待與您分享我們的進展，因為我們建立了一家長期可持續增長的公司。

In closing, we had a very strong finish to a year in which we saw broad-based strength across all areas of the business. We delivered on behalf of our customers, helping them modernize their go-to-market efforts with data and insights and driving efficient growth in their businesses. As a result, we drove record customer additions and record retention rates in 2021.

最後，我們在這一年中取得了非常強勁的成績，我們在所有業務領域都看到了廣泛的實力。我們代表客戶提供服務，幫助他們利用數據和洞察力實現上市工作的現代化，並推動其業務的有效增長。因此，我們在 2021 年推動了創紀錄的客戶增加和創紀錄的保留率。

Looking forward, we're excited about the continued strong demand environment that sets the stage for our continued growth and profitability as we extend our leadership position in a more than $70 billion market opportunity. With that, I'll hand it over to our Chief Financial Officer, Cameron Hyzer.

展望未來，隨著我們在超過 700 億美元的市場機會中擴大我們的領導地位，我們對持續強勁的需求環境感到興奮，這為我們的持續增長和盈利能力奠定了基礎。有了這個，我會把它交給我們的首席財務官 Cameron Hyzer。

Thanks, Henry. I'm pleased to say that we outperformed expectations across all areas of our guidance. We continue to execute against a strong demand environment, and we expect our momentum to continue into 2022.

謝謝，亨利。我很高興地說，我們在指導的所有領域都超出了預期。我們繼續在強勁的需求環境下執行，我們預計我們的勢頭將持續到 2022 年。

Our initial 2022 guidance calls for revenue growth of 36%, and we expect adjusted operating income in the range of $405 million to $415 million and unlevered free cash flow between $425 million and $435 million.

我們最初的 2022 年指導要求收入增長 36%，我們預計調整後的營業收入在 4.05 億美元至 4.15 億美元之間，無槓桿自由現金流在 4.25 億美元至 4.35 億美元之間。

In Q4, we delivered GAAP revenue of $222 million, up 59% year-over-year, which implies 13% sequential growth compared to Q3 2021. Excluding the impact of products acquired within 12 months of acquisition, our organic revenue growth for the quarter was 52%. Adjusted operating income in Q4 was $86 million, a margin of 39%.

在第四季度，我們實現了 2.22 億美元的 GAAP 收入，同比增長 59%，這意味著與 2021 年第三季度相比環比增長 13%。排除在收購後 12 個月內獲得的產品的影響，我們本季度的有機收入增長為 52%。第四季度調整後的營業收入為 8600 萬美元，利潤率為 39%。

For the full year, we delivered GAAP revenue of $747 million, up 57% compared to 2020, with organic growth exceeding 50%. Adjusted operating income was $307 million, a margin of 41%; and unlevered free cash flow is $347 million. For 2022, we expect to deliver more than $1 per share in unlevered free cash flow.

全年，我們實現了 7.47 億美元的 GAAP 收入，比 2020 年增長 57%，有機增長超過 50%。調整後的營業收入為 3.07 億美元，利潤率為 41%；無槓桿自由現金流為3.47億美元。到 2022 年，我們預計將提供每股 1 美元以上的無槓桿自由現金流。

We delivered an acceleration of days adjusted sequential revenue growth in the quarter and another quarter of consistently strong organic growth. We also drove meaningful acceleration in growth for the businesses that we acquired earlier in 2021. For example, when we acquired Chorus, it was growing just over 100% year-over-year. With further investment in sales enablement, product functionality and deeper integration into the ZoomInfo platform, we've accelerated Chorus growth to 200% relative to year-end 2020.

我們在本季度實現了天數調整後的連續收入增長以及另一個季度持續強勁的有機增長。我們還推動了我們在 2021 年早些時候收購的業務的顯著增長。例如，當我們收購 Chorus 時，它的年增長率剛剛超過 100%。隨著對銷售支持、產品功能的進一步投資以及與 ZoomInfo 平台的更深入集成，我們將 Chorus 的增長速度相對於 2020 年底加速至 200%。

Our international and enterprise motions continue to contribute to our overall growth as well. Our international business grew 91% in 2021 relative to 2020 and now generates more than $100 million in revenue on an annualized basis. We also ended the quarter with 1,452 customers with more than $100,000 in ACV, with revenue from those customers up 80% year-over-year.

我們的國際和企業動議也繼續為我們的整體增長做出貢獻。與 2020 年相比，我們的國際業務在 2021 年增長了 91%，現在年收入超過 1 億美元。在本季度末，我們還有 1,452 名客戶的 ACV 超過 100,000 美元，這些客戶的收入同比增長 80%。

We continue to invest in customer engagement, improving usability and onboarding. We also continue to successfully execute our robust land-and-expand strategy, driving more seat expansion, data consumption and further adoption of product functionality. As a result, we delivered an annual net revenue retention rate of 116%, up from 108% in 2020.

我們將繼續投資於客戶參與、提高可用性和入職培訓。我們還繼續成功執行我們強大的土地和擴張戰略，推動更多座位擴張、數據消耗和產品功能的進一步採用。因此，我們實現了 116% 的年度淨收入保留率，高於 2020 年的 108%。

In order to continue to drive growth in the business, we further invested in growing our team. ending the year with more than 2,700 employees, more than double the number from the time of our IPO. We expect to continue to invest across the entire organization with a particular focus on expanding our sales and marketing capacity as well as product and engineering investments to support our continued growth.

為了繼續推動業務增長，我們進一步投資於發展我們的團隊。年底員工人數超過 2,700 人，是我們首次公開募股時的兩倍多。我們預計將繼續對整個組織進行投資，特別關注擴大我們的銷售和營銷能力以及產品和工程投資，以支持我們的持續增長。

Turning to the balance sheet and cash flow. We ended the year with $327 million in cash, cash equivalents and short-term investments. Operating cash flow in Q4 was $71 million. And for the full year, we generated $299 million in cash flow from operations, which included approximately $33 million of interest payments.

轉向資產負債表和現金流。年底，我們擁有 3.27 億美元的現金、現金等價物和短期投資。第四季度的經營現金流為 7100 萬美元。全年，我們從運營中產生了 2.99 億美元的現金流，其中包括約 3300 萬美元的利息支付。

Unlevered free cash flow was $84 million for the quarter or 98% of adjusted operating income. For the year, we generated $347 million of unlevered free cash flow, a conversion of 113% of adjusted operating income. We continue to expect that on an annual basis, unlevered free cash flow conversion will be in the range of 100% to 110% as a percentage of adjusted operating income.

本季度無槓桿自由現金流為 8400 萬美元，佔調整後營業收入的 98%。全年，我們產生了 3.47 億美元的無槓桿自由現金流，轉換為調整後營業收入的 113%。我們繼續預計，按年度計算，無槓桿自由現金流轉換佔調整後營業收入的百分比將在 100% 至 110% 之間。

With respect to liabilities and future performance obligations, unearned revenue at the end of the quarter was $364 million; and remaining performance obligations, or RPO, were $864 million, of which $672 million are expected to be delivered in the next 12 months. We believe that calculated billings and RPO are imprecise metrics to assess in-period activity and forward momentum. As a result, we focus on days adjusted sequential revenue growth. We delivered 13% days adjusted sequential revenue growth in the fourth quarter, up from 12% in the third quarter.

在負債和未來履約義務方面，本季度末未實現收入為 3.64 億美元；剩餘履約義務或 RPO 為 8.64 億美元，其中 6.72 億美元預計將在未來 12 個月內交付。我們認為，計算出的賬單和 RPO 是評估期間活動和前進動力的不精確指標。因此，我們關注天數調整後的連續收入增長。我們在第四季度實現了 13% 的調整後收入環比增長，高於第三季度的 12%。

As of year-end, we carried $1.25 billion of gross debt. With continued growth, we saw approximately a 0.5 turn improvement in leverage in the quarter with a net leverage ratio of 2.9x trailing 12 months adjusted EBITDA and 2.1x trailing 12 months cash EBITDA, which is defined as consolidated EBITDA in our credit agreements.

截至年底，我們的總債務為 12.5 億美元。隨著持續增長，我們看到本季度槓桿率提高了約 0.5 倍，淨槓桿率為過去 12 個月調整後 EBITDA 的 2.9 倍和過去 12 個月現金 EBITDA 的 2.1 倍，這在我們的信貸協議中被定義為合併 EBITDA。

With respect to our corporate structure, we completed the dissolution of the UP-C and eliminated multiple share classes in Q4. This resulted in every share having an equal vote. As a result of the restructurings and the tax receivable agreement with pre-IPO shareholders, we expect to realize a net benefit of $1 billion over time, which is comprised of a deferred tax asset of $4 billion and the deferred tax receivable agreement liability of approximately $3 million, which will become due as we realize the deferred tax asset.

關於我們的公司結構，我們在第四季度完成了 UP-C 的解散並消除了多個股票類別。這導致每一股都有平等的投票權。由於重組和與 IPO 前股東的應收稅款協議，我們預計隨著時間的推移將實現 10 億美元的淨收益，其中包括 40 億美元的遞延所得稅資產和約300 萬美元，將在我們實現遞延稅項資產時到期。

With that, I will provide our outlook for the first quarter and our initial outlook for full year 2022 results. For Q1, we expect GAAP revenue in the range of $226 million to $228 million and adjusted operating income in the range of $86 million to $88 million. Non-GAAP net income is expected to be in the range of $0.14 to $0.15 per share. Our Q1 guidance implies year-over-year GAAP revenue growth of 48% at the midpoint and an adjusted operating margin of 38%.

有了這個，我將提供我們對第一季度的展望以及我們對 2022 年全年業績的初步展望。對於第一季度，我們預計 GAAP 收入在 2.26 億美元至 2.28 億美元之間，調整後的營業收入在 8600 萬美元至 8800 萬美元之間。非 GAAP 淨收入預計在每股 0.14 美元至 0.15 美元之間。我們的第一季度指導意味著中點的 GAAP 收入同比增長 48%，調整後的營業利潤率為 38%。

We are providing initial full year 2022 guidance as follows. We expect GAAP revenue to be in the range of $1.01 billion to $1.02 billion and adjusted operating income in the range of $405 million to $415 million. We expect non-GAAP net income in the range of $0.71 to $0.73 per share based on 410 million diluted weighted average shares outstanding. For unlevered free cash flow, we expect to generate between $425 million and $435 million.

我們提供如下初步的 2022 年全年指導。我們預計 GAAP 收入將在 10.1 億美元至 10.2 億美元之間，調整後的營業收入將在 4.05 億美元至 4.15 億美元之間。根據 4.1 億股稀釋加權平均流通股，我們預計非公認會計原則的淨收入在每股 0.71 美元至 0.73 美元之間。對於無槓桿的自由現金流，我們預計將產生 4.25 億美元至 4.35 億美元之間。

Our full year guidance implies 36% GAAP revenue growth at the midpoint, an adjusted operating income margin of 40% and an unlevered free cash flow margin of 42%. With that, let me turn it over to the operator to open up the call for questions.

我們的全年指導意味著 GAAP 收入在中點增長 36%，調整後的營業利潤率為 40%，無槓桿自由現金流利潤率為 42%。有了這個，讓我把它交給接線員來打開提問的電話。

(Operator Instructions) And our first question comes from the line of Mark Murphy with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Mark Murphy。

Mark, we can't hear you. Can you hear us okay?

馬克，我們聽不到你的聲音。你能聽到我們的聲音嗎？

It looks like his line disconnected. We'll move on to the next question, which will come from the line of Brad Zelnick with Deutsche Bank.

看來他的線路斷線了。我們將繼續討論下一個問題，該問題將來自德意志銀行的 Brad Zelnick。

Excellent. Congrats on a really strong finish to a great year. Henry, I know you've been asked this question a zillion different ways over the last year. But now that you've wrapped up Q4 and you look at your enterprise pipeline this year and what customers are saying as we enter 2022, how would you characterize the momentum and spending intentions from what it is that you offer?

優秀。恭喜你以非常強勁的成績結束了偉大的一年。亨利，我知道你在去年被無數次問過這個問題。但是，既然您已經結束了第四季度，並且您查看了今年的企業管道以及客戶在我們進入 2022 年時所說的話，您將如何從您提供的產品中描述動力和支出意圖？

Brad, thank you for the question. Also, I wanted to apologize for the tech issues. Hopefully, everyone can hear us loud and clear now. We have built a stronger enterprise pipeline than we've ever had in the history of our business. And that's coming from a number of different ways. I think first, the natural tailwind in the enterprise is they continue to modernize their go-to-market systems and they continue to leverage digital technologies to go to market is a very clear continued tailwind.

布拉德，謝謝你的問題。另外，我想為技術問題道歉。希望現在每個人都能清楚地聽到我們的聲音。我們建立了比我們的業務歷史上任何時候都更強大的企業管道。這來自多種不同的方式。我認為首先，企業的自然順風是他們繼續對其上市系統進行現代化改造，並且他們繼續利用數字技術進入市場，這是一個非常明顯的持續順風。

But I think the second thing that we're seeing is that the platform story is really resonating. I talked to an enterprise customer in Q4 who was using 12 different vendors to accomplish what they could do with just one ZoomInfo subscription. And that story (technical difficulty) best-in-class products, across that platform suite, I think we're going to continue to take market share and continue to expand in the enterprise. We've hired a great team (technical difficulty) our enterprise sales that we feel really strongly about. And so we continue to build a really great pipeline within the enterprise. And I would describe it as more demand within the enterprise than we've seen in our history.

但我認為我們看到的第二件事是平台故事確實引起了共鳴。我在第四季度與一位企業客戶進行了交談，他使用 12 家不同的供應商來完成他們只需訂閱一個 ZoomInfo 就可以完成的事情。而那個故事（技術難度）一流的產品，在整個平台套件中，我認為我們將繼續佔據市場份額並繼續在企業中擴張。我們聘請了一個很棒的團隊（技術難度）我們的企業銷售，我們對此感到非常強烈。因此，我們繼續在企業內部建立一個非常棒的管道。我將其描述為企業內部的需求比我們歷史上看到的更多。

Awesome. And a quick one for Cameron. Cameron, I think you said the way you guys look at the business, you saw 13% in terms of growth in days -- sequential growth, if I got that right, in days adjusted sequential revenue growth versus 12% or an acceleration in Q3. Can you just -- I just want to make sure I've got that right. And can you remind us exactly why it is that you look at the business that way.

驚人的。給卡梅倫一個快速的。卡梅倫，我想你說過你們看待業務的方式，你看到了 13% 的天數增長——連續增長，如果我沒看錯的話，在天數調整後的連續收入增長與 12% 或第三季度的加速相比.你能不能——我只是想確保我做對了。您能否準確地提醒我們為什麼您會以這種方式看待業務。

So with our business that's predominantly or almost exclusively a subscription business, the revenue that we're recognizing in the quarter is actually the best indication of that in-period activity and momentum that we see. So the calculation for that is essentially taking revenue recognized in the quarter and dividing by the number of calendar days, given that, that's how we recognize revenue. And so with 92 days in both Q3 and Q4, you get that revenue per day and you compare them, and that gets you to that 13% growth on a sequential basis.

因此，對於我們主要或幾乎完全是訂閱業務的業務，我們在本季度確認的收入實際上是我們看到的期內活動和勢頭的最佳指標。因此，對此的計算本質上是將本季度確認的收入除以日曆天數，鑑於此，這就是我們確認收入的方式。因此，在第三季度和第四季度都有 92 天，您可以獲得每天的收入並進行比較，這樣您就可以連續實現 13% 的增長。

And our next question comes from the line of Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的 Mark Murphy。

Apologies for the phone issues. Congratulations on a very strong finish to the year. So Henry, I was wondering if you could just revisit the comments you made about public sector and GSAs. I think you said something about you anticipate unseating legacy vendors with hundreds of millions of dollars of contract value. And so that was pretty specific. I'm curious, are there agencies approaching you asking to migrate to ZoomInfo? Or any other details on that and just the time frame to convert on that opportunity?

對電話問題表示歉意。祝賀今年取得了非常出色的成績。所以亨利，我想知道你是否可以重新審視你對公共部門和 GSA 的評論。我認為您說過您希望以數億美元的合同價值取代傳統供應商。所以這是非常具體的。我很好奇，是否有機構接近您要求遷移到 ZoomInfo？或者關於這方面的任何其他細節以及轉換該機會的時間框架？

Mark, thank you for the question. I think, look, we are obviously new into the government space. And so we are introducing ourselves currently in that vertical. I think the thing that I would tell you is that we've already closed business with government agencies on the contract vehicle that we announced. We feel really good about that. There are a number of places throughout government agencies that take advantage of data like that, that which our customers on the enterprise side take advantage of.

馬克，謝謝你的問題。我認為，看，我們顯然是政府領域的新手。因此，我們目前正在這個垂直領域介紹自己。我想我要告訴你的是，我們已經與政府機構就我們宣布的合同工具關閉了業務。我們對此感覺非常好。整個政府機構中有很多地方都在利用這樣的數據，而我們的企業客戶也在利用這些數據。

And they're using it for validating businesses to make sure that when they're giving out procurement contracts that those businesses are validated companies. They use it to reach out and conduct business surveys into the private sector. There are a number of really unique government use cases that we're going after. But I would tell you, it's super early in our endeavor there, but we feel good about the use case, and we feel good about the early successes we've seen.

他們使用它來驗證企業，以確保當他們發出採購合同時，這些企業是經過驗證的公司。他們用它來聯繫私營部門並進行商業調查。我們正在研究許多真正獨特的政府用例。但我要告訴你，我們在這方面的努力還處於早期階段，但我們對用例感覺良好，我們對所看到的早期成功感覺良好。

Okay. Understood. And then as a quick follow-up, perhaps for you, Henry, and/or Cameron. Your diversity and inclusion stats are terrific. You're driving this incredible growth. I think you're guiding to a Rule of 82 initially for this year. So you're doing it with so much free cash flow production.

好的。明白了。然後作為快速跟進，也許對您、Henry 和/或 Cameron 而言。您的多樣性和包容性統計數據非常棒。你正在推動這種令人難以置信的增長。我認為您最初是在指導今年的 82 條規則。所以你用這麼多的自由現金流量來做這件事。

We're hearing from some of the software companies that the -- they're kind of thinking about this ability to handle tight labor markets and wage inflation rate. And so because that's a key input on your enterprise initiatives, I was just wondering if you could comment on that, how you're feeling about the ability to hire and to navigate any kind of inflation of your cost inputs.

我們從一些軟件公司那裡聽到，他們正在考慮這種能力來應對緊張的勞動力市場和工資通脹率。因此，因為這是對您的企業計劃的關鍵投入，我只是想知道您是否可以對此發表評論，您對招聘和應對任何類型的成本投入膨脹的能力有何看法。

Thanks, Mark. Look, I think one of the really unique things about ZoomInfo from a talent perspective is that we've built this incredible talent engine internally at the company. I mentioned that internally, we have 2.5x the career mobility of our SaaS peers. And SaaS is not a slow space. And so to have that much more career mobility for our staff really says something about our ability to bring in entry-level employees, train them, coach them, develop them and let them move up within the organization.

謝謝，馬克。看，我認為從人才的角度來看，ZoomInfo 的真正獨特之處之一是我們在公司內部建立了這個令人難以置信的人才引擎。我在內部提到，我們的職業流動性是 SaaS 同行的 2.5 倍。 SaaS 並不是一個緩慢的空間。因此，為我們的員工提供更多的職業流動性確實說明了我們引進入門級員工、培訓他們、指導他們、發展他們並讓他們在組織內晉升的能力。

We've doubled down on that strategy in 2021. We continue to see it most remarkably in our sales organization where we're able to bring in entry-level SDRs and, within a year, have them promoted into account executives who often on average outperform our external hires. And so when you see that trend, you really want to invest more and more into the talent development motion here at the company. And that's what we've been doing. And that's been a huge advantage for us.

我們在 2021 年將這一戰略翻了一番。我們繼續在我們的銷售組織中看到這一點最為顯著，我們能夠引入入門級 SDR，並在一年內將他們提升為客戶主管，這些主管通常平均而言勝過我們的外部招聘。因此，當您看到這種趨勢時，您真的想在公司的人才發展運動中投入越來越多的資金。這就是我們一直在做的事情。這對我們來說是一個巨大的優勢。

Then on top of that, we put together in this last year an incredibly compelling benefits program for our staff. We continue to provide an incredibly good place for people to work and grow, and it's culturally one of the best places in the world to work. And we think that will continue to be an advantage for us as we continue to grow our teams. And so we feel really good about where we stand from a recruiting perspective today and talent.

最重要的是，我們在去年為我們的員工製定了一個非常引人注目的福利計劃。我們繼續為人們提供一個令人難以置信的工作和成長的好地方，它在文化上是世界上最好的工作場所之一。我們認為，隨著我們團隊的不斷壯大，這將繼續成為我們的優勢。因此，從當今招聘的角度和人才的角度來看，我們對自己所處的位置感到非常滿意。

And our next question comes from the line of Phil Winslow with Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Phil Winslow。

Just want to focus in on net revenue retention, obviously 116% versus 108% last year. Wondering if you could help us unpack that. Are you seeing improvements in gross churn, acceleration in seat growth or, call it, upsell of these incremental modules? And how are you thinking about that in the coming year, particularly in sort of the -- in the context of RevOS with expanded, let call it, specialized packages? And then just one follow-up to that.

只想專注於淨收入保留，顯然是 116%，而去年為 108%。想知道你是否可以幫助我們打開包裝。您是否看到總流失率的改善、座位增長的加速，或者稱之為這些增量模塊的追加銷售？您如何看待來年的這一點，尤其是在 RevOS 的背景下，它具有擴展的，可以稱之為專用軟件包？然後只是一個後續行動。

Sure, Phil. So we're really excited about what we've been able to do with our net revenue retention. A part of that, let's call it, half is a part of that increase is related to the additional functionality that we've been able to roll out to customers over the past year. So we have seen that really help.

當然，菲爾。因此，我們對我們能夠利用淨收入保留所做的事情感到非常興奮。其中一部分，我們稱之為，一半是增加的一部分與我們在過去一年中能夠向客戶推出的附加功能有關。所以我們已經看到這真的很有幫助。

The other half is really related to the operational improvements that we've put in place, and we've been able to improve our gross retention as a result of those and a lower downsell than we saw in 2020, which at least partially related to that initial shock of COVID, but also to the operational improvements that we've put in place as well.

另一半確實與我們實施的運營改進有關，我們已經能夠提高我們的總留存率以及低於 2020 年的降價銷售，這至少部分與COVID 的最初衝擊，以及我們已經實施的運營改進。

I was just going to say, going forward, I do think that the rates that we've established in 2021 are sustainable and something that we'll look to improve upon as we look into next year and the following years.

我只是想說，展望未來，我確實認為我們在 2021 年建立的費率是可持續的，並且在我們展望明年和接下來的幾年時，我們將尋求改進。

Great. And just a follow-up to that. I get this question from investors a lot. But obviously, there's a lot of focus on deprecation of IDFA and sort of a future, call it, cookie-free world. The question I get is how impacted could ZoomInfo by this in terms of the data set. I wonder if you could give some color. And then frankly, on the opposite end of that, is that actually sort of potential, particularly with account-based marketing for ZoomInfo.

偉大的。這只是一個後續行動。我經常從投資者那裡得到這個問題。但很明顯，很多人都在關注 IDFA 的棄用和某種未來，稱之為無 cookie 的世界。我得到的問題是，ZoomInfo 對數據集的影響有多大。我想知道你是否可以給一些顏色。然後坦率地說，在另一方面，這實際上是一種潛力，尤其是對於 ZoomInfo 的基於帳戶的營銷。

Thanks, Phil. We actually do not rely on any cookies to put our product together. And so our account-based marketing platform, MarketingOS or the Intent assets that we have through the Clickagy acquisition in 2020 do not rely on cookies and won't be affected by the coming IDFA changes. And on the positive side, we do feel like the MarketingOS platform actually puts us in a really good place to help marketers navigate those upcoming changes. And so feel like we're in the right place at the right time with that offering.

謝謝，菲爾。實際上，我們不依賴任何 cookie 來組合我們的產品。因此，我們基於帳戶的營銷平台 MarketingOS 或我們在 2020 年通過收購 Clickagy 獲得的 Intent 資產不依賴於 cookie，也不會受到即將到來的 IDFA 更改的影響。從積極的方面來看，我們確實覺得 MarketingOS 平台實際上讓我們處於一個非常好的位置，可以幫助營銷人員應對即將發生的變化。所以感覺就像我們在正確的時間在正確的地方提供了該產品。

And our next question comes from the line of Stan Zlotsky with Morgan Stanley.

我們的下一個問題來自摩根士丹利的斯坦·茲洛茨基。

Perfect. I wanted to dig in a little bit on the investment side of the business. Where are you guys really focused on for 2022? And just on a global basis and maybe just specifically, how are you thinking about investing into your international business in 2022? And then I have a quick follow-up.

完美的。我想深入研究一下業務的投資方面。 2022年你們真正關注的重點在哪裡？就全球而言，也許只是具體而言，您如何考慮在 2022 年投資您的國際業務？然後我有一個快速跟進。

So when we look at the international opportunity, we think that there's real opportunity there for us to continue to invest. We have opened an office. (inaudible) people in London, as we talked about. We'll continue to hire behind that. Those folks will be tasked with not just the U.K. and Ireland, but also reaching out and building business in the rest of Europe.

因此，當我們看到國際機會時，我們認為那裡有我們繼續投資的真正機會。我們開了一個辦公室。 （聽不清）倫敦的人，正如我們談到的那樣。我們將繼續在這背後招聘。這些人的任務不僅是英國和愛爾蘭，還要在歐洲其他地區開展業務。

I think as we continue to look into '22, we're going to evaluate other potential areas to move into, whether that's Australia or APAC or LATAM. We'll evaluate those over time. And as we continue to build out our go-to-market motion and follow up with the data asset behind that, we'll continue to attack the large international opportunity that's out there.

我認為，隨著我們繼續研究 22 年，我們將評估其他可能進入的領域，無論是澳大利亞、亞太地區還是拉丁美洲。我們會隨著時間的推移評估這些。隨著我們繼續推進我們的上市行動並跟進其背後的數據資產，我們將繼續抓住巨大的國際機遇。

Got it. And Cameron, just for you, on the margin guidance for 2022, how did you approach setting the profitability targets both on the operating income side and the free cash flow side for the year. Any changes? Or maybe just how did you think about the broader growth margin equation into '22 that you contemplated in your initial guidance?

知道了。卡梅倫，就 2022 年的利潤率指導而言，您是如何在營業收入方面和自由現金流方面設定盈利目標的。任何變化？或者，您如何看待您在最初指導中考慮的 22 年更廣泛的增長邊際方程？

Sure. So our guidance methodology has not changed. We continue to evaluate a wide range of potential outcomes and set our guidance at a level that we are comfortable that we will meet and exceed. Certainly, as we think about the margin guidance in particular, we are planning to invest into the upside that we see in the business.

當然。所以我們的指導方法沒有改變。我們將繼續評估廣泛的潛在結果，並將我們的指導設定在我們認為能夠達到和超越的水平。當然，當我們特別考慮利潤率指導時，我們計劃投資於我們在業務中看到的上行空間。

So I think our investments into our go-to-market and sales and marketing capacity as well as the R&D innovation are really focused on a higher target than necessarily what we've guided to. And certainly, from an adjusted operating income perspective, we're really focused on the absolute dollar value as guidance. And ideally, we'll be able to outperform on the top line and certainly aim to outperform on that absolute dollar value as well.

因此，我認為我們對上市、銷售和營銷能力以及研發創新的投資確實集中在一個比我們所指導的目標更高的目標上。當然，從調整後的營業收入的角度來看，我們真正關注的是絕對美元價值作為指導。理想情況下，我們將能夠在收入上跑贏大盤，當然也希望在絕對美元價值上跑贏大盤。

And our next question comes from the line of Michael Turrin with Wells Fargo Securities.

我們的下一個問題來自富國銀行證券公司的邁克爾·特林。

I want to first go back to the RevOS opportunity. Comprehensive offering, given the number of use cases you can enable, certainly makes sense. I'm just wondering specifically if there's anything you could share from initial observations perspective around what that could maybe do for seat adoption or cross-sell or maybe just removing friction from the initial purchasing decisions versus what the prior product structure enabled?

我想先回到 RevOS 機會。考慮到您可以啟用的用例數量，全面的產品當然是有意義的。我只是想知道，從最初的觀察角度來看，您是否可以分享任何關於座位採用或交叉銷售可能會做些什麼，或者可能只是消除最初購買決策與先前產品結構所啟用的摩擦的摩擦？

Yes. I think that what we're seeing mainly, Michael, is that when we're going into these conversations or over 2021 when we had these conversations, we had a number of these solutions, but they weren't organized in a way that customers could understand the breadth of those solutions. And what we're -- what RevOS does for us and what the different platform and product pillars do for us is it gives us a cohesive story that we can tell all across our business from our enterprise business to our mid-market business, to our SMB business.

是的。邁克爾，我認為我們主要看到的是，當我們進行這些對話時，或者在 2021 年進行這些對話時，我們有許多這樣的解決方案，但它們的組織方式並不是客戶可以理解這些解決方案的廣度。我們是什麼——RevOS 為我們做了什麼，不同的平台和產品支柱為我們做了什麼，它為我們提供了一個有凝聚力的故事，我們可以講述從我們的企業業務到中端市場業務的所有業務，我們的中小企業業務。

And we believe that the products that we've put together have applicability across customers of all sizes. And so our -- so what it does from an enablement perspective is it gives our sellers the ability to go into those conversations in a way that allows them to articulate the broad spectrum of the platform in a way that our customers are understanding much more clearly.

我們相信，我們整合的產品適用於各種規模的客戶。所以我們的 - 所以從支持的角度來看，它使我們的賣家能夠以一種讓他們能夠以我們的客戶更清楚地理解的方式闡明平台的廣泛範圍的方式進行這些對話.

And we've tested this. We actually tested this in December and January, and we actually saw an uptick in both win rate and ASP on the new business side as we continue to present the offering through the lens of RevOS and the new packaging structures we put together alongside it. So we feel really good about the future of being able to tell that broader story with this structure.

我們已經對此進行了測試。實際上，我們在 12 月和 1 月對此進行了測試，實際上我們看到新業務方面的贏率和 ASP 都有所上升，因為我們繼續通過 RevOS 的鏡頭以及我們一起整合的新包裝結構來展示產品。因此，我們對能夠用這種結構講述更廣泛的故事的未來感到非常高興。

That all makes sense. Cameron, you mentioned 52% organic growth in Q4. Can you just expand on what you're assuming there in the full year guide or remind us when you start to anniversary some of those contributions as well?

這一切都說得通。卡梅倫，你提到了第四季度 52% 的有機增長。您能否在全年指南中擴展您的假設，或者在您開始週年紀念時提醒我們其中一些貢獻？

Sure. Well, we certainly anniversaried the contributions from EverString and Clickagy in Q4. So that created a bigger base off which we were growing off of. As we look forward into 2022, I think we're focused on continuing to grow the entire business. I think realistically, you have a -- we integrate our businesses very quickly.

當然。好吧，我們肯定會在第四季度紀念 EverString 和 Clickagy 的貢獻。所以這創造了一個更大的基礎，我們從中成長。當我們展望 2022 年時，我認為我們將專注於繼續發展整個業務。我認為實際上，你有一個 - 我們很快整合了我們的業務。

And therefore, there is a little bit of kind of mixing of the Chorus product or the RingLead product with our existing products when we're going out and selling. So we don't specifically make assumptions around those. But those will be anniversaried, obviously, for Chorus in July and for RingLead in September.

因此，當我們出去銷售時，Chorus 產品或 RingLead 產品與我們現有的產品有一點混合。因此，我們不會專門圍繞這些做出假設。但顯然，這些將是 7 月的 Chorus 和 9 月的 RingLead 的周年紀念日。

And our next question comes from the line of Alex Zukin with Wolfe Research.

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

Maybe Henry, first for you, I'm going to ask the dollar-based net expansion question a little bit differently. If you think about the 116% from 108% last year, obviously, a big improvement and a big jump versus kind of the movements you had been making previously. How do we think about -- like what's the right aspirational rate that, that can be sustainable for the company?

也許亨利，首先對你來說，我要問的是以美元為基礎的淨擴張問題有點不同。如果你想想去年從 108% 上升到 116%，顯然，與你之前所做的運動相比，這是一個很大的進步和一個很大的飛躍。我們如何思考——比如什麼是正確的理想利率，這對公司來說是可持續的？

And what are the products that you feel like incrementally from here, assuming that you've kind of made a lot of improvements on the gross retention side and the incremental from here is going to be on the expansion, particularly on the enterprise. What's the right way to think of what products are you most excited about to get you there?

假設您在總留存方面做了很多改進，並且從這裡開始的增量將用於擴展，特別是在企業方面，那麼您覺得從這裡增量的產品是什麼。思考什麼產品最讓你興奮的正確方法是什麼？

Yes. Thanks, Alex. I think when we look at the net retention rate today, we obviously feel like there's room for improvement. It's not a metric that we're going to specifically guide to, but we do believe there's room for improvement in that number. One interesting stat is the average number of our products owned by customers who've been with us longer than a year grew by over 25% year-over-year and over 45% in our enterprise customers. And that's being driven by the newly introduced products, our Streaming and custom Intent product, our Engage product, core -- RingLead.

是的。謝謝，亞歷克斯。我認為，當我們查看今天的淨保留率時，我們顯然覺得還有改進的餘地。這不是我們要專門指導的指標，但我們確實相信這個數字還有改進的空間。一個有趣的統計數據是，與我們合作超過一年的客戶擁有的產品平均數量同比增長超過 25%，而在我們的企業客戶中增長超過 45%。這是由新推出的產品、我們的 Streaming 和定制 Intent 產品、我們的 Engage 產品、核心——RingLead 推動的。

And so I think that what I see going forward is still very similar. I think on one end of the spectrum, you have companies that are not fully utilizing our core product set. And so we can expand the licenses, the seats across the sales enterprise, the use of enrichment and APIs across the marketing and revenue operations organization. But then additionally, our sellers are enabled now to sell Engage and Chorus and Recruiter into those companies as well.

所以我認為我看到的未來仍然非常相似。我認為一方面，有些公司沒有充分利用我們的核心產品集。因此，我們可以在整個銷售企業中擴展許可證、席位、在營銷和收入運營組織中使用豐富和 API。但此外，我們的賣家現在也可以向這些公司出售 Engage、Chorus 和 Recruiter。

And so I would say, if you take a step back and you say where are our biggest opportunities, it is still in expanding our footprint across the enterprise, expanding our footprint internationally. But then we have this added arsenal of Chorus, Engage, RingLead, Chat that we're able to sell in a cohesive way into those companies. And so I think we have a sort of 2-headed motion into the customer base that we think is going to be the backdrop of that improvement as we go forward.

所以我想說，如果你退後一步，你說我們最大的機會在哪裡，它仍然是擴大我們在整個企業的足跡，擴大我們在國際上的足跡。但後來我們增加了 Chorus、Engage、RingLead、Chat 的武器庫，我們能夠以一種有凝聚力的方式向這些公司銷售。因此，我認為我們對客戶群採取了一種雙向行動，我們認為這將成為我們前進的改進的背景。

Perfect. And then, Cameron, maybe for you. On the international side, I think you guys -- you made a really interesting hire in the U.K. geography. I think also the fact that you're actually putting resources in market rather than selling EMEA from the U.S. probably carries a pretty impactful cost envelope that you're including in the guidance.

完美的。然後，卡梅倫，也許適合你。在國際方面，我認為你們——你們在英國的地理位置上做了一個非常有趣的招聘。我還認為，您實際上是在將資源投入市場，而不是從美國銷售 EMEA，這一事實可能會帶來相當大的成本包絡，您已將其包含在指南中。

I just wanted to get a sense for as we think about '22 and we think about international revenue growth, both as from the top line perspective and the incremental kind of front-end-loaded spend profile that, that growth is going to carry. How do we think about that in the context of your guidance, in the context of whether it's outperformance or whether it's conservatism? Anything there would be super helpful.

我只是想了解一下我們對 22 年的思考以及我們對國際收入增長的思考，無論是從頂線的角度來看，還是從增量類型的前端加載支出概況來看，這種增長都會持續下去。在您的指導背景下，在表現優異還是保守主義的背景下，我們如何看待這一點？那裡的任何東西都會非常有幫助。

And certainly, when we think about developing our forward-looking models and guidance, we are thinking about the efficiency of our sales and marketing teams and having a new office and ramping up in London and then thinking about other geographies internationally certainly comes at a lower initial efficiency than just adding folks in the U.S.

當然，當我們考慮開發我們的前瞻性模型和指導時，我們正在考慮我們的銷售和營銷團隊的效率，並在倫敦設立一個新辦事處並擴大規模，然後考慮國際其他地區肯定會降低初始效率不僅僅是在美國增加人員

I do think and based on our kind of discussions internally that, that efficiency will pick up relatively quickly, largely based on the motions that we have in place to bring people onboard, get them up and running quickly, give them the tools and kind of training that they need.

我確實認為，根據我們內部的討論，效率會相對快速地提高，主要是基於我們為讓人們加入、讓他們快速啟動和運行、為他們提供工具和類型而製定的動議他們需要的培訓。

And based on the fact that we have been in the international markets for some time and really investing into onshore teams selling out into Europe by shifting their hours to align with European time zones, I think -- we feel that our methodologies and motions around bringing those people on will enable us to do that relatively quickly. But certainly, when we set our guidance, we do look at a wide range of potential outcomes and certainly set it at a level that we feel comfortable that we can exceed.

基於我們在國際市場上已經有一段時間了，並且通過改變他們的工作時間來與歐洲時區保持一致，真正投資於向歐洲銷售的陸上團隊，我認為——我們認為我們的方法和動議圍繞帶來這些人將使我們能夠相對較快地做到這一點。但可以肯定的是，當我們制定指導方針時，我們確實會考慮廣泛的潛在結果，並將其設定在我們認為可以超越的水平。

And our next question comes from the line of Brent Bracelin with Piper Sandler.

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

We continue to field some questions from investors around this pull-forward in direct selling efforts kind of post-COVID. Henry, for you, maybe, can you just frame the expansion potential that you see for the SalesOS product in particular across just the existing enterprise base? How much kind of room still do you have to expand? That would be helpful.

我們繼續回答投資者提出的一些問題，這些問題是圍繞這種後 COVID 後直銷工作的推進。亨利，對你來說，也許你能描述一下你看到的 SalesOS 產品的擴展潛力，特別是在現有的企業基礎上嗎？你還需要擴大多少房間？那會很有幫助。

Thanks, Brent. I have not had a single enterprise call with a single enterprise customer where there isn't double-digit expansion opportunity within those accounts from a SalesOS perspective. They're just -- we still continue to be really early in our penetration across the enterprise. And so we continue to make headway there, but it's still really, really early and lots and lots of opportunity in the core SalesOS motion.

謝謝，布倫特。從 SalesOS 的角度來看，我沒有與單個企業客戶進行過一次企業通話，在這些客戶中沒有兩位數的擴展機會。他們只是——我們在整個企業的滲透方面仍然處於早期階段。所以我們繼續在這方面取得進展，但它仍然非常非常早，並且在核心 SalesOS 運動中有很多很多機會。

I'll tell you, we're constantly looking at the data, the historical data. We look at win rates, funnel conversion, top of funnel activity. And we spent a real amount of time looking for anomalies that we could tie back to some relation to COVID. And we didn't see anything that (technical difficulty) believe that the current strong demand trends we're seeing wouldn't continue or were one-off or a pull forward.

我會告訴你，我們一直在查看數據，歷史數據。我們著眼於贏率、渠道轉化率、渠道活動的頂部。我們花了很多時間尋找可以與 COVID 相關的異常情況。而且我們沒有看到任何（技術困難）認為我們看到的當前強勁的需求趨勢不會繼續，或者是一次性的或向前推進的。

And we wanted to be confident about that because it would affect the way we operate the business. We didn't see any anomalies like that, that made us think that COVID caused a pull-forward and the demand environment that we're seeing today wouldn't continue.

我們希望對此充滿信心，因為它會影響我們經營業務的方式。我們沒有看到任何這樣的異常情況，這讓我們認為 COVID 導致了前行，我們今天看到的需求環境不會繼續下去。

Helpful color there. And then just, Cameron, a quick follow-up relative to the lands. You have a broader portfolio of product, the repackaging, layers in now, MarketingOS and SalesOS. And obviously, it sounds like there's an acceleration in course as well. Are the land deals changing relative to the size of the lands as you start to bundle? Or is it still a relatively consistent land, more meaningful expand over time? Just trying to understand, as you think about a bigger product set. Is that changing the size of the lands that you're seeing so far?

那裡有用的顏色。然後只是，卡梅倫，關於這片土地的快速跟進。您現在擁有更廣泛的產品組合、重新包裝、分層、MarketingOS 和 SalesOS。顯然，聽起來課程中也有加速。當你開始捆綁時，土地交易是否會隨著土地的大小而變化？還是它仍然是一塊相對一致的土地，隨著時間的推移更有意義地擴展？當您考慮更大的產品集時，只是試圖理解。到目前為止，這是否會改變您所看到的土地的大小？

I think that on the margin, we do see slightly larger land, particularly as we're packaging things together and providing more value to the customers. But yes, I will point out that the kind of existing ZoomInfo customer base of over 25,000 customers, those tend to be customers that have leaned into digitizing their go-to-market motions over time. And generally, the first thing that they would have bought was ZoomInfo.

我認為在邊際上，我們確實看到了稍大的土地，特別是當我們將東西打包在一起並為客戶提供更多價值時。但是，是的，我會指出，現有的 ZoomInfo 客戶群超過 25,000 名客戶，這些客戶往往是隨著時間的推移傾向於數字化他們的上市動作的客戶。一般來說，他們首先會購買的是 ZoomInfo。

They're focusing on making insight-driven decisions and improving their go-to-market teams through high-quality data and insights and then they tend to add on additional applications in addition to that. So I think where we've developed or acquired additional applications, most of those sales are kind of following the wave of people that are initially invested into digitizing their go-to-market motion, and now they're leaning into adding additional functionality.

他們專注於做出以洞察為導向的決策，並通過高質量的數據和洞察來改進他們的上市團隊，然後他們傾向於添加除此之外的其他應用程序。因此，我認為在我們開發或獲得額外應用程序的情況下，這些銷售中的大部分都在追隨最初投資於數字化他們的上市運動的人們的浪潮，現在他們傾向於添加額外的功能。

And those, more often than not, are already customers of ours as opposed to people that were selling outright a brand new solution. So I think there's opportunity for us to continue to bring that initial land up higher. But those existing relationships that we have with customers are really the place where we're seeing more and more of that additional functionality go into folks and really being able to accelerate at that net expansion that we have.

與那些直接銷售全新解決方案的人相反，這些人通常已經是我們的客戶。所以我認為我們有機會繼續把最初的土地推得更高。但是，我們與客戶之間的現有關係確實是我們看到越來越多的附加功能進入人們並真正能夠加速我們擁有的網絡擴張的地方。

Helpful color and certainly great to see the third straight quarter of 50% plus organic growth.

有用的顏色，當然很高興看到連續第三個季度 50% 加上有機增長。

Our next question comes from the line of Kash Rangan with Goldman Sachs.

我們的下一個問題來自高盛的 Kash Rangan。

Congratulations on a superb quarter. Henry, I'm curious to get your perspective. I think I asked you this kind of question in the last quarter. So that -- it seems to be that you are becoming really a CRM company, of course, without the system of record, the pipeline management and all that. But all the leading indicators and all the things that precede something going to system of record. So it certainly seems like the vision is much broader than what the company has been doing in the past. We can see that the acquisition of Chorus.ai and your Engage platform, Intent platform, et cetera.

祝賀一個很棒的季度。亨利，我很想知道你的觀點。我想我在上個季度問過你這樣的問題。因此，您似乎正在成為一家真正的 CRM 公司，當然，沒有記錄系統、管道管理和所有這些。但是所有的領先指標和之前的所有事情都會進入記錄系統。因此，看起來這個願景肯定比公司過去所做的要廣泛得多。我們可以看到 Chorus.ai 的收購以及您的 Engage 平台、Intent 平台等。

Question for you is, have you started to do deals, maybe you did and you have talked about it, but I would love to get a little bit of edification on the deal profile with customers that are not choosing ZoomInfo for the core data platform, but are actually intrigued by what you have to offer outside of the core data platform so as to gauge and when it's time to hit the big leagues and you're not just a data platform, but something way, way bigger than that, that you have what it takes to go up against the more established CRM giants in the industry. I mean that in a positive, by the way.

對您的問題是，您是否開始做交易，也許您已經做過並且您已經談論過它，但是我很想對沒有選擇 ZoomInfo 作為核心數據平台的客戶的交易資料進行一些啟發，但實際上你對你在核心數據平台之外提供的東西很感興趣，以便衡量和何時進入大聯盟，你不僅僅是一個數據平台，而是比這更大的東西，你擁有與業內更成熟的 CRM 巨頭抗衡的能力。順便說一句，我的意思是積極的。

Thanks, Kash. I mean I'll tell you first, we do not have today aspiration to be a CRM platform. That's not in our road map or the way that we think about the forward progress of the business. Obviously, CRMs are a core hub for how businesses operate, whether it's go-to-market or finance or configure price quote, those are key functionalities that businesses need from their CRM. We've realized that there's just a number of activities that take place outside of the CRM that go-to-market teams are using today; two, target and sell and market their products and solutions.

謝謝，卡什。我的意思是我先告訴你，我們今天沒有成為 CRM 平台的願望。這不在我們的路線圖中，也不在我們考慮業務向前發展的方式中。顯然，CRM 是企業運營方式的核心樞紐，無論是上市、財務還是配置報價，這些都是企業需要從 CRM 中獲得的關鍵功能。我們已經意識到，目前市場營銷團隊使用的只是一些在 CRM 之外發生的活動；第二，定位並銷售和營銷他們的產品和解決方案。

You think about Chorus and conversational intelligence and the insights that come from that. You think about RingLead and orchestration and routing and deduplication. You think about chat on your website. And even the core of what ZoomInfo does, which is the ability to build really hyper-targeted audiences and bring in a number of third-party signals to build those audiences. Those are all activities that every go-to-market team is doing that don't happen inside of the CRM.

您會考慮合唱和對話智能以及由此產生的見解。你會想到 RingLead 和編排、路由和重複數據刪除。您考慮在您的網站上聊天。甚至 ZoomInfo 的核心功能，也就是建立真正超目標受眾並引入大量第三方信號來建立這些受眾的能力。這些都是每個進入市場的團隊都在做的所有活動，這些活動不會發生在 CRM 內部。

And so our perspective on the direction that we're going is to really own that set of activities that doesn't happen natively inside of CRM and be best-in-class around those. Now what's interesting about those offerings is they're all tied into the data asset. When we build the application layer, we build it, first and foremost, with a data asset at its core because we believe that all of those applications actually get meaningfully better and differentiated when the data asset is sitting at its core. And so they're hard to like pull apart and say, here's a solution that's just purely software, no data asset.

因此，我們對我們前進方向的看法是真正擁有一組不會在 CRM 內部發生的活動，並在這些活動方面做到一流。現在，這些產品的有趣之處在於它們都與數據資產相關聯。當我們構建應用程序層時，我們首先以數據資產為核心來構建它，因為我們相信，當數據資產處於其核心時，所有這些應用程序實際上會變得更好和差異化。所以他們很難分開說，這是一個純粹的軟件解決方案，沒有數據資產。

And how are we competing with that against the competitor or against the CRM because all of those solutions, the first thing we do when we build them is that we just embed that data asset right inside of them. What I will tell you is there are customers, there are Chorus customers and RingLead customers and Chat customers who we haven't yet converted to core ZoomInfo customers. And so those solutions do stand alone for opportunities still. But we really do believe that once the data is embedded and you're getting the entire platform from us that, that's where things get really competitively differentiated, so.

我們如何與競爭對手或 CRM 競爭，因為所有這些解決方案，我們在構建它們時做的第一件事就是將數據資產嵌入其中。我要告訴你的是，有一些客戶，有 Chorus 客戶、RingLead 客戶和 Chat 客戶，我們還沒有轉換為 ZoomInfo 的核心客戶。因此，這些解決方案確實仍然獨立於機會。但我們確實相信，一旦嵌入數據並且您從我們那裡獲得整個平台，這就是事情真正具有競爭優勢的地方，所以。

Great. Remarkable transformation and repositioning.

偉大的。顯著的轉變和重新定位。

And our next question comes from the line of Siti Panigrahi with Mizuho.

我們的下一個問題來自瑞穗的 Siti Panigrahi。

I wanted to ask about recruitment. That's one area you have been focusing on last year. What sort of progress you have seen? And now we see RecruitingOS that's probably rebranded or something. Could you talk about like what's the uptake so far and what's your expectation for this year?

我想問一下關於招聘的問題。這是你去年一直關注的一個領域。你看到了什麼樣的進步？現在我們看到 RecruitingOS 可能已經更名了。您能談談到目前為止的進展情況以及您對今年的期望嗎？

Absolutely. Thanks, Siti. I think, first of all, there's no better time in history to be selling a recruiting platform. And so we think timing into this space couldn't have been better for our platform. Revenue on the Recruiter platform nearly doubled between Q3 and Q4. We now have close to 1,000 customers who are currently leveraging our RecruitingOS platform. That platform continues to have real momentum. We've built a sales team around it, and we've enabled our sales teams to understand how to take it to market. And so we feel really good about that momentum continuing into 2022.

絕對地。謝謝，西蒂。我認為，首先，歷史上沒有比現在更好的銷售招聘平台的時機了。因此，我們認為進入這個領域的時機對我們的平台來說再好不過了。 Recruiter 平台的收入在第三季度和第四季度之間幾乎翻了一番。我們現在有近 1,000 名客戶正在使用我們的 RecruitingOS 平台。該平台繼續具有真正的動力。我們圍繞它建立了一個銷售團隊，並讓我們的銷售團隊了解如何將它推向市場。因此，我們對這種勢頭持續到 2022 年感到非常滿意。

And our next question comes from the line of Raimo Lenschow with Barclays.

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

This is Frank on for Raimo. Congrats on a strong end to the year. Maybe just one for Cameron. It was great to see the inflection in Chorus from a revenue perspective. So I guess with that, how should we think about the inorganic contribution to billings in the quarter?

這是雷莫的弗蘭克。恭喜今年取得圓滿成功。也許只是給卡梅倫的一個。很高興從收入的角度看到 Chorus 的變化。所以我猜想，我們應該如何考慮本季度對賬單的無機貢獻？

So I would say that the inorganic contribution to billings is -- obviously, you can see the revenue piece is around $10 million of revenue that came on the inorganic side. In terms of the unearned revenue change, I would say that it's a similar percentage to the revenue contribution that comes from those entities. So I'd say it's relatively small at the end of the day. But certainly, we don't -- we've bundled a lot of these deals together. So the -- we don't break out the unearned revenue specifically.

所以我想說的是，對賬單的無機貢獻是——顯然，你可以看到收入約為 1000 萬美元，來自無機方面。就未實現的收入變化而言，我想說它與來自這些實體的收入貢獻的百分比相似。所以我會說它在一天結束時相對較小。但可以肯定的是，我們沒有——我們已經將很多此類交易捆綁在一起。所以 - 我們沒有特別列出未賺取的收入。

And our next question comes from the line of Parker Lane with Stifel. And looks like his line disconnected. So we will move to the next question, which will come from the line of Taylor McGinnis with UBS.

我們的下一個問題來自Stifel 的Parker Lane。看起來他的線路斷開了。因此，我們將轉到下一個問題，該問題將來自瑞銀的泰勒·麥金尼斯 (Taylor McGinnis)。

You talked a lot about the emerging opportunities with international, Chorus and others, and it seems like those are growing really fast. So as we look at the 2022 guide and assuming you see continued momentum with those parts of the business, can you maybe talk a little bit about your expectations for the core U.S. data business and what that contribution could look like for the full year based on what you're seeing with your customers?

你談了很多關於國際、合唱和其他人的新興機會，看起來這些機會增長得非常快。因此，當我們查看 2022 年指南並假設您看到這些業務部分的持續發展勢頭時，您能否談談您對美國核心數據業務的期望以及全年的貢獻可能會是什麼？您對客戶的看法是什麼？

So look, we're really excited about the demand environment overall for the business, I think that's true, and continuing to expand the U.S. data business as well as those emerging products that we've developed or acquired. As we think about guidance, we're certainly looking at a broad range of outcomes. And we set the guidance at a level that we're confident that we can meet or achieve -- or meet or exceed.

所以看，我們對業務的整體需求環境感到非常興奮，我認為這是真的，並繼續擴大美國數據業務以及我們開發或收購的那些新興產品。當我們考慮指導時，我們當然會考慮廣泛的結果。我們將指導設定在我們有信心可以達到或達到或達到或超過的水平。

And certainly, the -- what we are aiming for is to maintain the momentum across all of the different vectors of growth, which includes the domestic core business, our international business, the enterprise parts of the business and all of the new products that we've brought on this past year.

當然，我們的目標是保持所有不同增長載體的勢頭，包括國內核心業務、我們的國際業務、業務的企業部分以及我們所有的新產品帶來了過去的一年。

And our next question comes from the line of Koji Ikeda with Bank of America.

我們的下一個問題來自美國銀行的 Koji Ikeda。

I wanted to ask you a question on the international expansion. Noticed that you had the London expansion, kind of your first bullet point here in the press release. So first question, what level of senior executives are planning to move out there? I mean Henry and Cameron, are you guys moving out to London? How do I think about that? And what other kind of senior roles are you looking to hire within that region? And is there any particular region in Europe that you're targeting first?

我想問你一個關於國際擴張的問題。注意到你有倫敦擴張，這是你在新聞稿中的第一個要點。所以第一個問題，什麼級別的高級管理人員計劃離開那裡？我是說亨利和卡梅倫，你們要搬到倫敦嗎？我怎麼想？您還希望在該地區招聘哪些其他類型的高級職位？您是否首先針對歐洲的任何特定地區？

Well, first, I would tell you, we are spending -- I'm not. Cameron is not moving to London. But we are setting a number of our key executives out there. We have a senior VP who is relocating there. Obviously, Simon McDougall, our Chief Compliance Officer, will be based there. We'll continue to build out our sales team and sales leadership there as well.

嗯，首先，我要告訴你，我們在花錢——我不是。卡梅倫不會搬到倫敦。但是我們正在安排我們的一些關鍵高管。我們有一位高級副總裁正在搬到那裡。顯然，我們的首席合規官 Simon McDougall 將駐紮在那裡。我們將繼續在那裡建立我們的銷售團隊和銷售領導力。

We really do think it's in -- the culture of ZoomInfo is really unique, and it's special and it's fast-paced. And especially in the go-to-market organization, it's an incredibly unique go-to-market engine. And so we really do want to infuse the culture from the States into that office in London. And so we will continue to look for opportunities to move sort of core U.S.-based go-to-market leadership and other leadership into that office.

我們真的認為它在——ZoomInfo 的文化真的很獨特，它很特別，而且節奏很快。尤其是在上市組織中，它是一個非常獨特的上市引擎。所以我們真的很想將美國的文化注入倫敦的辦公室。因此，我們將繼續尋找機會將美國的核心市場領導層和其他領導層轉移到該辦公室。

I think we're still focused on a pretty large opportunity in English-speaking Europe and Australia and New Zealand. And so I think there's still tremendous opportunity in the U.K., in Ireland, Australia, New Zealand. And so we'll continue to advance the platform there, and that's going to be our focus in the near term.

我認為我們仍然專注於講英語的歐洲以及澳大利亞和新西蘭的一個相當大的機會。所以我認為在英國、愛爾蘭、澳大利亞、新西蘭仍然有巨大的機會。因此，我們將繼續在那裡推進該平台，這將是我們近期的重點。

Got it. Got it. And just one quick follow-up, if I may. Now there's been a couple of questions on NRR. And I was just wondering, I know you guys give it on an annual update right now. But going forward, is there any thought of maybe giving a midyear update or a quarterly update? Or maybe you could eclipse another milestone, say, like 120% on the net revenue retention, announcing that mid-year.

知道了。知道了。如果可以的話，只需快速跟進。現在有幾個關於 NRR 的問題。我只是想知道，我知道你們現在每年都會更新它。但展望未來，是否有過年中更新或季度更新的想法？或者，也許你可以超越另一個里程碑，比如 120% 的淨收入保留率，宣布年中。

We really think of NRR as being an annual metric. It obviously starts at the beginning of the year, ends at the end of the year. We do plan to, and we have in the past kind of given directional updates in the quarters of how the actual activity within those quarters as compared to the prior year, and I think that will be our expectation going forward as well.

我們真的認為 NRR 是一個年度指標。它顯然是從年初開始，到年底結束。我們確實計劃這樣做，並且過去我們在這些季度中對這些季度的實際活動與去年相比如何進行了定向更新，我認為這也將是我們未來的預期。

And our next question comes from the line of Parker Lane with Stifel.

我們的下一個問題來自Stifel 的Parker Lane。

Henry, if we look at the orchestration side of the business, specifically RingLead, a lot of traction seemingly there right now. Can you just give us a better sense, if you look out across the customer base, what processes or solutions those customers in your target markets are replacing with your orchestration tools? Are a lot of these mid-market and smaller enterprises leaning in on orchestration for the first time? Or there are a handful of solutions that you're going after and displacing with your more full-featured platform?

亨利，如果我們看一下業務的編排方面，特別是 RingLead，現在似乎有很多牽引力。如果您查看整個客戶群，您能否讓我們更好地了解目標市場中的客戶正在用您的編排工具替換哪些流程或解決方案？這些中型市場和小型企業中是否有很多是第一次依賴編排？或者有一些解決方案你正在追求並用你更全功能的平台取代？

Thanks for the question. I think that what we see most often is that the orchestration capabilities of an organization are tied up in the hands of a couple of developers somewhere in the IT organization. And they don't operate at the speed of the go-to-market organization.

謝謝你的問題。我認為我們最常看到的是，組織的編排能力被 IT 組織中某個地方的幾個開發人員所掌握。而且他們的運作速度也跟不上上市組織的速度。

And so when you want to make a routing change or you want to make an orchestration change or your territories change, all of a sudden, you get way back in the queue in the IT ticketing process to try to get those changes for a developer to make directly inside of whatever your go-to-market system is.

因此，當您想要進行路由更改、編排更改或您的區域更改時，突然之間，您會回到 IT 票務流程的隊列中，嘗試讓開發人員進行這些更改直接在您的上市系統中進行。

And what RingLead is able to do is it revolutionizes that process, and it puts that power inside of a revenue operations professional's hand, a marketing operations professional's TAM. So they're able to build the routing logic through a very simple [doey] that has the same sophistication as what it would take a scrum team months to build.

RingLead 能夠做的是徹底改變這一流程，並將這種權力置於收入運營專業人士的手中，即營銷運營專業人士的 TAM。因此，他們能夠通過一個非常簡單的 [doey] 構建路由邏輯，該邏輯與 Scrum 團隊需要數月才能構建的複雜程度相同。

And so we're putting that capability back in the go-to-market professionals' hands because they operate at a different speed. We expect them to be operating at a different speed than other parts of their business. And so that's what we end up replacing when we're replacing something is we're getting them out of this sort of very slow ticketing process that tends to be tied up in the IT department.

因此，我們將這種能力交還給上市專業人士，因為他們以不同的速度運作。我們希望他們的運營速度與其業務的其他部分不同。因此，當我們更換某些東西時，我們最終要更換的是，我們正在讓它們擺脫這種往往被 IT 部門束縛的非常緩慢的票務流程。

And our next question comes from the line of Brian Peterson with Raymond James.

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

So Henry, you mentioned in your testing bundles that you saw an ASP uplift. I'm curious if you could share any details on how significant that may be. And as we think about the NRR figure going forward, how should we think about the impact of ASP expansion as a driver of NRR expansion going forward?

所以亨利，你在你的測試包中提到你看到了 ASP 的提升。我很好奇你是否可以分享任何關於這可能有多重要的細節。當我們考慮未來的 NRR 數據時，我們應該如何看待 ASP 擴張作為未來 NRR 擴張驅動力的影響？

Yes. So I think what we saw in December and January, we were testing this new packaging and pricing structures, was small. But we expect our -- we expect the ASP lift to expand as we continue to roll that out to the full sales team. I think what you see us able to do at the front end of the new business sale is really attach more of the newly introduced products. And so where we can attach Engage and Chorus and RingLead at the front end of the platform, we're seeing expanded ASP.

是的。所以我認為我們在 12 月和 1 月看到的，我們正在測試這種新的包裝和定價結構，規模很小。但我們預計我們的 - 我們預計隨著我們繼續將其推廣到整個銷售團隊，ASP 提升將會擴大。我認為您在新業務銷售的前端看到我們能夠做的是真正附加更多新推出的產品。因此，我們可以在平台前端附加 Engage、Chorus 和 RingLead，我們看到了擴展的 ASP。

And then the real opportunity for those newly introduced solutions is really into the account base. And so we've enabled our sellers and built a structure that will allow us to get in front of our customers to share the platform story and get these new solutions into their hands. That will be a driver of net retention in 2020. I don't think we're giving specific guidance on how much upon.

然後這些新推出的解決方案的真正機會是真正進入客戶群。因此，我們啟用了我們的賣家並建立了一個結構，使我們能夠在客戶面前分享平台故事並將這些新解決方案交到他們手中。這將成為 2020 年淨留存率的驅動因素。我認為我們不會就具體保留多少給出具體指導。

And our next question comes from the line of Rishi Jaluria with RBC Capital Markets.

我們的下一個問題來自 Rishi Jaluria 與 RBC Capital Markets 的對話。

This is [Richard] on for Rishi. Just a quick question on the vertical go-to-market. I know, earlier, you discussed the government vertical. And last quarter, you touched on your efforts around the health care vertical. So I was just wondering if maybe you could talk about other opportunities where you see potential to verticalize the platform. And maybe just an update on the demand trends you're seeing in the verticals that you are currently addressing?

這是Rishi的[Richard]。只是一個關於垂直上市的快速問題。我知道，早些時候，您討論了政府垂直領域。上個季度，您談到了您在醫療保健垂直領域所做的努力。所以我只是想知道你是否可以談談你認為有潛力實現平台垂直化的其他機會。也許只是您在當前正在解決的垂直行業中看到的需求趨勢的更新？

I think what we're seeing from a go-to-market perspective is that it's less about verticalization and more about specialization. And so where we have an opportunity to specialize our sales motion, we're going to specialize it. So we do that in our RecruiterOS (sic) [RecruitingOS] platform. We do that in our MarketingOS platform. We do it across ops. And then we've built a solution sales team that we can bring into a number of our other opportunities who can help us specialize the knowledge around the different platforms or the different offerings.

我認為從進入市場的角度來看，我們看到的不是垂直化，而是專業化。因此，如果我們有機會專門化我們的銷售活動，我們就會專門化它。所以我們在我們的 RecruiterOS (sic) [RecruitingOS] 平台上這樣做。我們在 MarketingOS 平台上做到了這一點。我們在整個操作中做到這一點。然後我們建立了一個解決方案銷售團隊，我們可以將其引入許多其他機會，幫助我們圍繞不同平台或不同產品專業化知識。

But from a vertical perspective, there isn't like one specific vertical that we're re-architecting the business around. It's more aligned around personas that we sell to. And so the new packaging and models that we're rolling out are aligned around persona, so a sales persona, a marketing persona, an operations persona and a recruiter and talent acquisition persona. And that's the way we really think about our offering and the way that we take them to market.

但從垂直的角度來看，我們正在圍繞一個特定的垂直方向重新構建業務。它與我們銷售的角色更加一致。因此，我們推出的新包裝和模型圍繞角色進行調整，即銷售角色、營銷角色、運營角色以及招聘人員和人才招聘角色。這就是我們真正考慮我們的產品以及我們將它們推向市場的方式。

And our next question comes from the line of Terry Tillman with Truist.

我們的下一個問題來自Terry Tillman 和Truist 的台詞。

This is Joe Meares on for Terry. I think last quarter, you noted that you had 2,000 customers on the Engage platform. I'm just wondering if you could quantify how many you added sequentially. And then just like a bigger picture perspective, what type of penetration could this platform get across your 25,000-plus customers over the next several years?

這是特里的喬·米爾斯。我認為上個季度，您注意到您在 Engage 平台上有 2,000 名客戶。我只是想知道您是否可以量化您按順序添加的數量。然後就像從更大的角度來看，這個平台可以在未來幾年內對您的 25,000 多名客戶進行什麼樣的滲透？

So I really -- on Engage, I really do believe that every one of our customers has an opportunity to be leveraging our Engage platform. And we -- in the quarter, we released the most features we've released against that platform, including a Gmail plug-in and a native integration with Microsoft Dynamics CRM and a number of additional features that we really believe bring this platform now up to competitive parity in the market. And so we're excited about taking that all the way up and down our customers from our large enterprise customers to our SMB customers.

所以我真的 - 在 Engage 上，我真的相信我們的每一位客戶都有機會利用我們的 Engage 平台。我們 - 在本季度，我們發布了針對該平台發布的最多功能，包括 Gmail 插件和與 Microsoft Dynamics CRM 的原生集成，以及我們真正相信現在可以啟動該平台的許多附加功能在市場上競爭平價。因此，我們很高興能夠將我們的客戶從我們的大型企業客戶到我們的 SMB 客戶。

And it's a tremendous attach rate. We do a really great job of attaching Engage in the new business side. And then we're expanding that now to attaching Engage on our existing customer side as well, but a real opportunity for all of our customers to be leveraging Engage. There's no pocket of customers that don't have a use case for the Engage platform.

這是一個巨大的附加率。我們在將 Engage 加入新業務方面做得非常出色。然後，我們現在將其擴展到將 Engage 附加到我們現有的客戶方面，但這是我們所有客戶利用 Engage 的真正機會。沒有一個客戶沒有 Engage 平台的用例。

That's helpful. And then I think last year, you had a target to add 30% sales capacity. Do you have a similar target for 2022? And then, I guess, just like if you could qualitatively split that across North America and your international initiatives, that would be helpful.

這很有幫助。然後我認為去年，你的目標是增加 30% 的銷售能力。您對 2022 年有類似的目標嗎？然後，我想，就像你可以在北美和你的國際倡議中定性地分開那樣，那將是有幫助的。

Yes. So yes. I would say that, that 30% growth is really a long-term target over time. As we look into the shorter periods, we are roughly aiming to increase our sales and marketing capacity in line with revenue. So I think that based on our guidance, that would be a 36% growth rate, although I think we're, in the short term, investing even more aggressively into that and looking for those investments to pay off.

是的。所以是的。我想說的是，隨著時間的推移，30% 的增長確實是一個長期目標。當我們研究較短的時期時，我們的大致目標是根據收入增加我們的銷售和營銷能力。因此，我認為根據我們的指導，這將是 36% 的增長率，儘管我認為我們在短期內會更加積極地投資並尋找這些投資來獲得回報。

In terms of the split, domestic versus international, certainly the international growth rate is higher because it's coming out from effectively 0 at the end of the year. But it's still -- I think we're still looking to invest in both domestically and internationally aggressively as we move forward.

就國內與國際的差異而言，國際增長率當然更高，因為它在年底時實際上是從零開始的。但它仍然 - 我認為隨著我們的前進，我們仍然希望在國內和國際上積極投資。

Thank you. And I'm showing no further questions at this time. And I would like to turn the conference back over to Henry Schuck for any further remarks.

謝謝你。我現在沒有再提出任何問題。我想將會議轉回給 Henry Schuck 進行任何進一步的評論。

Great. Thank you, everyone, for joining us, and thanks again to the entire ZoomInfo team for all the hard work that went into making 2021 such a tremendous year. We feel great about what we delivered this past year. We're even more excited for the year ahead. And we're looking forward to seeing you at the investor events we have scheduled for this quarter. Please save the date for our virtual Analyst Day scheduled for June 2 at 3:00 p.m. Eastern. Thank you.

偉大的。感謝大家加入我們，再次感謝整個 ZoomInfo 團隊為使 2021 年成為如此重要的一年所做的所有辛勤工作。我們對過去一年的交付感到非常滿意。我們對來年更加興奮。我們期待在本季度安排的投資者活動中見到您。請保存我們定於 6 月 2 日下午 3:00 的虛擬分析師日的日期。東。謝謝你。

This concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.

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。大家，有一個美好的一天。