Zoominfo Technologies Inc (ZI) 2022 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the ZoomInfo First Quarter Year 2020 Financial Results Conference Call. (Operator Instructions).

美好的一天，感謝您的支持。歡迎參加 ZoomInfo 2020 年第一季度財務業績電話會議。 （操作員說明）。

I would now like to turn the conference over to today's speaker, Mr. Jerry Sisitsky. Please go ahead.

我現在想把會議轉給今天的發言人傑里·西西茨基先生。請繼續。

Great. Thanks so much. Welcome to ZoomInfo's financial results conference call, highlighting our results for the first quarter of 2022. 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。非常感謝。歡迎參加 ZoomInfo 的財務業績電話會議，重點介紹我們 2022 年第一季度的業績。今天與我通話的是 ZoomInfo 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、對未來財務業績的預期和類似項目，包括但不限於，使用該術語的表述可能、將要、預期、預期和相信，以及反映歷史事實以外的事物的表述旨在識別前瞻性陳述。

Forward-looking statements involve a number of risks and uncertainties, including those discussed in the Risk Factors section of our filings with the SEC. Actual results may differ materially from any forward-looking statements. The company undertakes no obligation to revise or update any forward-looking statements in order to reflect events that may arise after this conference call, except as required by law.

前瞻性陳述涉及許多風險和不確定性，包括我們向美國證券交易委員會提交的文件的風險因素部分中討論的風險和不確定性。實際結果可能與任何前瞻性陳述大不相同。除法律要求外，公司不承擔修改或更新任何前瞻性陳述以反映本次電話會議後可能發生的事件的義務。

For more information, please refer to the cautionary statement included in the slides that we have posted to our Investor Relations website at ir.zoominfo.com. All metrics discussed on this call are non-GAAP unless otherwise noted. A reconciliation can be found in the financial results press release or in the slides that we have posted to our Investor Relations website.

如需更多信息，請參閱我們在投資者關係網站 ir.zoominfo.com 上發布的幻燈片中包含的警示性聲明。除非另有說明，否則本次電話會議中討論的所有指標均為非公認會計原則。可以在財務業績新聞稿或我們發佈到投資者關係網站的幻燈片中找到對賬。

Lastly, we hope that you can join us for the virtual investor event we are hosting on Thursday, June 2, and beginning at 3:00 p.m. Eastern time. More information is available through our Investor Relations website, and we look forward to your participation. With that, I'll turn the call over to our CEO, Henry Schuck.

最後，我們希望您能參加我們將於 6 月 2 日星期四下午 3:00 開始舉辦的虛擬投資者活動。東部時間。更多信息可通過我們的投資者關係網站獲得，我們期待您的參與。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. The first quarter was a great start to the year. We continue to successfully execute our strategy and drive growth across all of our major initiatives. Our expanding Revel platform, which is deeply integrated with our world-class data and insight layer is resonating with customers. We are increasingly seeing customers embrace the integrated platform experience. running more and more of their sales stack on ZoomInfo.

謝謝你，傑瑞，歡迎大家。第一季度是今年的一個良好開端。我們將繼續成功執行我們的戰略並推動我們所有主要計劃的增長。我們不斷擴展的 Revel 平台與我們的世界級數據和洞察層深度集成，正在引起客戶的共鳴。我們越來越多地看到客戶接受集成平台體驗。在 ZoomInfo 上運行越來越多的銷售堆棧。

In the quarter, we drove a more than 100% increase in customers using the combined Sales S platform, Engage and Chorus offering, reinforcing the value of an integrated solution. In the first quarter, we delivered GAAP revenue of $242 million, year-over-year growth of 58% and sequential quarterly growth of 11% when adjusted for the number of days in the quarter. Adjusted operating income margin was 39%, and we generated $126 million in free cash flow. We continued to deliver a leading combination of growth, profitability and free cash flow generation at scale.

在本季度，我們使用 Sales S 平台、Engage 和 Chorus 組合產品的客戶數量增加了 100% 以上，增強了集成解決方案的價值。在第一季度，我們實現了 2.42 億美元的 GAAP 收入，按季度天數調整後，同比增長 58%，環比增長 11%。調整後的營業利潤率為 39%，我們產生了 1.26 億美元的自由現金流。我們繼續大規模實現增長、盈利能力和自由現金流生成的領先組合。

We closed the quarter with 1,623 customers with greater than $100,000 in ACV, up more than 65% year-over-year, while the average revenue across these customers continues to grow. And we saw incredibly strong growth in new business as the new customer team had their best Q1 ever on an ACV basis and the best quarter ever on a TCV basis.

我們在本季度結束時有 1,623 名客戶的 ACV 超過 100,000 美元，同比增長超過 65%，而這些客戶的平均收入繼續增長。我們看到了新業務的強勁增長，因為新客戶團隊在 ACV 基礎上實現了有史以來最好的第一季度，在 TCV 基礎上實現了有史以來最好的季度。

On the international side, we have maintained our investment in data quality and coverage adding over 14.5 million non-U.S. professional profiles year-to-date and rolling out euro currency support in our platform, while quadrupling the headcount in our London office. As a result of our continued focus here, we set a record high for new business ACV added in EMEA and international year-over-year growth remained strong at 80% on a on a greater than $100 million revenue run rate business. Our international business is predominantly driven by Western Europe and Canada, we have virtually 0 exposure to Eastern Europe.

在國際方面，我們保持對數據質量和覆蓋範圍的投資，年初至今增加了超過 1450 萬份非美國專業資料，並在我們的平台上推出了歐元貨幣支持，同時我們倫敦辦事處的員工人數翻了兩番。由於我們持續專注於此，我們在歐洲、中東和非洲地區增加的新業務 ACV 創下歷史新高，並且在收入運行率超過 1 億美元的業務中，國際同比增長保持在 80% 的強勁水平。我們的國際業務主要由西歐和加拿大推動，我們幾乎為零接觸東歐。

We continue to see solid traction with our enterprise clients. We signed deals with a number of leading enterprises, landing new firms and expanding more with existing customers. The 3 customers I'll highlight have all been ZoomInfo customers for at least a decade. And as we have continued to build out our RevOS platform and offering, they have also continued to increase their relationships across those offerings with us. We signed an 8-figure deal with Alphabet in the quarter. Our recently released modern user provisioning now allows for anyone at Alphabet to quickly access the tremendous value of the ZoomInfo platform with automated self-provisioning. And since we are publishing ZoomInfo to directly on Alphabet's Internet, understanding and getting comfortable with our privacy, security data collection and compliance practices was an important part of the sales process.

我們繼續看到我們的企業客戶的強大牽引力。我們與多家龍頭企業簽約，登陸新公司，擴大現有客戶。我將重點介紹的 3 位客戶都是 ZoomInfo 的客戶至少十年。隨著我們繼續構建我們的 RevOS 平台和產品，他們也繼續加強與我們在這些產品中的關係。我們在本季度與 Alphabet 簽訂了 8 位數的協議。我們最近發布的現代用戶配置現在允許 Alphabet 的任何人通過自動自我配置快速訪問 ZoomInfo 平台的巨大價值。由於我們將 ZoomInfo 直接發佈到 Alphabet 的互聯網上，因此了解並熟悉我們的隱私、安全數據收集和合規實踐是銷售過程的重要組成部分。

Google's revenue acceleration team is also leveraging Domino's operations OS platform. That team adjusts company data and company insights to help inform the way they go to market. By leveraging our enterprise APIs, data has matched to normalize, pulled into a data warehouse and consumed directly in their sales force instance, a consolidated view of highly accurate data and insights streamlines their ability to provide data to their go-to-market team while delivering success to their sellers, allowing them to sell more effectively. This type of deal structure serves as a road map for future enterprise expansion opportunities at other large companies.

Google 的收入加速團隊也在利用 Domino 的運營操作系統平台。該團隊調整公司數據和公司見解，以幫助告知他們進入市場的方式。通過利用我們的企業 API，數據已經匹配到規範化、提取到數據倉庫並直接在他們的銷售人員實例中使用，高度準確的數據和洞察力的整合視圖簡化了他們向其上市團隊提供數據的能力，同時為他們的賣家帶來成功，使他們能夠更有效地銷售。這種類型的交易結構可作為其他大公司未來企業擴張機會的路線圖。

With Hitachi, we recently expanded our relationship into their marketing department and grew into a $1 million-plus ACV engagement that continues to leverage our SalesOS platform across their sales teams and add OperationsOS to leverage ZoomInfo to enrich append and clean across the historically inaccurate database of leads and prospect data for marketing campaigns.

通過 Hitachi，我們最近將我們的關係擴展到了他們的營銷部門，並發展成為超過 100 萬美元的 ACV 參與，繼續在他們的銷售團隊中利用我們的 SalesOS 平台，並添加 OperationsOS 以利用 ZoomInfo 來豐富歷史上不准確的數據庫的附加和清理營銷活動的潛在客戶和潛在客戶數據。

While Hitachi leverages next generation of software across the marketing automation, data life and CRM, the value promised by that software has been unrealized as a result of the lack of high-quality data flowing through those systems. We intend to change that.

雖然日立在營銷自動化、數據生命週期和 CRM 方面利用了下一代軟件，但由於缺乏流經這些系統的高質量數據，該軟件所承諾的價值尚未實現。我們打算改變這一點。

Finally, Shopify signed a multiyear deal expanding ACV by more than 5x, growing to hundreds of users for the SalesOS platform and adding automated data enrichment from OperationsOS. Shopify's expansion enables them to improve outbound prospecting effectiveness, automatically enrich inbound lead information and build propensity to buy scores from that auto enrichment. Customers are increasingly embracing functionality beyond just looking up the lead in the platform. More than 75% of our active users are using more advanced functionality, including intent and Westside visitor identification analytics leveraging workflow rules or configuring safe search or e-mail alert.

最後，Shopify 簽署了一項多年期協議，將 ACV 擴大了 5 倍以上，SalesOS 平台的用戶增長到數百名，並添加了 OperationsOS 的自動數據豐富功能。 Shopify 的擴展使他們能夠提高出站勘探效率，自動豐富入站潛在客戶信息並建立從自動豐富中購買分數的傾向。客戶越來越多地接受功能，而不僅僅是在平台中尋找領先優勢。超過 75% 的活躍用戶正在使用更高級的功能，包括利用工作流規則或配置安全搜索或電子郵件警報的意圖和 Westside 訪客識別分析。

Following the close of the quarter, we completed 2 acquisitions, 1 to bolster our capabilities and market share on the recently rebranded TalentOS platform and the other expanding our enterprise opportunity, both areas where we already see tremendous growth and are excited to invest behind.

本季度結束後，我們完成了 2 項收購，其中一項是為了增強我們在最近更名的 TalentOS 平台上的能力和市場份額，另一項是擴大我們的企業機會，我們已經看到了巨大的增長並很高興在這兩個領域進行投資。

On the TalentOS side, companies have never faced such a challenging environment for hiring and retaining talent. Roles that previously could have been filled through traditional job board now requires sophisticated direct sourcing. -- candidates demand to work for companies with great cultures and expect an understanding of employee benefits and experiences before even applying to a job. Employers that have negative reputations online massively lease out on hiring top talent results.

在 TalentOS 方面，公司從未面臨過如此具有挑戰性的招聘和留住人才的環境。以前可以通過傳統工作委員會填補的角色現在需要復雜的直接採購。 ——候選人要求在具有良好文化的公司工作，並期望在申請工作之前了解員工的福利和經驗。在線聲譽不佳的雇主大量出租招聘頂尖人才。

In April, we acquired Comparably to empower every company to effectively identify source, influence and hire for their most vital role. Comparably add a suite of popular SaaS solutions for employer branding and recruitment marketing combined with an employee review platform that reaches millions of candidates each month. With Comparably TalentOS gives companies the ability to engage and hire candidates with much more sophistication and influence. TalentOS plus Comparably is a must-have combination for any company recruiting in today's competitive work environment.

4 月，我們收購了 Comparably，讓每家公司都能夠有效地識別來源、影響力和聘用他們最重要的角色。相比較而言，為雇主品牌和招聘營銷添加一套流行的 SaaS 解決方案，並結合每月覆蓋數百萬候選人的員工審查平台。借助 Comparably TalentOS，公司能夠吸引和聘用更老練、更有影響力的候選人。 TalentOS plus Comparably 是任何公司在當今競爭激烈的工作環境中招聘的必備組合。

An enterprise go-to-market, we know that the best-performing enterprise companies are leveraging data, insights and software for their revenue operation. And they are significantly outperforming go-to-market teams early on in their digitization journey. Access to high-quality relevant data provides significant competitive advantages for all sales and marketing organization. We've acquired Dogpatch advisors to launch ZoomInfo labs a new go-to-market thought leadership team, driving go-to-market data analysis, product enhancements and strategy for our enterprise customers. Dogpatch is an in-demand go-to-market consultancy with expertise in scaling revenue teams and building a modern sales and marketing system. Dogpatch has a proven track record of significantly increasing revenue for organizations by modernizing their go-to-market operations and workflow.

作為企業走向市場，我們知道表現最好的企業公司正在利用數據、洞察力和軟件來實現收入運營。在數字化之旅的早期，他們的表現明顯優於上市團隊。訪問高質量的相關數據可為所有銷售和營銷組織提供顯著的競爭優勢。我們收購了 Dogpatch 顧問，以啟動 ZoomInfo labs 一個新的上市思想領導團隊，為我們的企業客戶推動上市數據分析、產品增強和戰略。 Dogpatch 是一家需求旺盛的上市諮詢公司，在擴大收入團隊和建立現代銷售和營銷系統方面擁有專業知識。 Dogpatch 擁有通過現代化上市運營和工作流程顯著增加組織收入的良好記錄。

As part of the acquisition, Ben Salzman, Dogpatch's CEO, will join ZoomInfo to lead ZoomInfo Lab. This will immediately expand our capabilities for enterprises and drive enhancements across our suite of products. Over time, we expect ZoomInfo Lab to put the modern go-to-market playbook within reach of every company.

作為收購的一部分，Dogpatch 的首席執行官 Ben Salzman 將加入 ZoomInfo 領導 ZoomInfo Lab。這將立即擴展我們為企業服務的能力，並推動我們產品套件的增強。隨著時間的推移，我們希望 ZoomInfo Lab 能夠讓每家公司都能接觸到現代上市手冊。

We continue to innovate and deliver new and improved functionality across our RevOS platform. In order to better reflect the evolving nature of our solutions for HR recruitment and talent management professionals, and the breadth of the capabilities we offer, we rebranded RecruitingOS as TalentOS. We are extremely pleased with the early success we've seen with our TalentOS offering. Both ACV and customer count grew more than 50% compared to Q4, and we've doubled the percentage of our customers using TalentOS from just 6 months ago. At Workday, The Cheese Cake Factory, Stanford Growth, management recruiters, Redfin and several leading financial institutions onto the TalentOS platform to drive their hiring needs.

我們將繼續創新並在我們的 RevOS 平台上提供新的和改進的功能。為了更好地反映我們為人力資源招聘和人才管理專業人員提供的解決方案不斷發展的性質，以及我們提供的功能的廣度，我們將 RecruitingOS 重新命名為 TalentOS。我們對 TalentOS 產品的早期成功感到非常高興。與第四季度相比，ACV 和客戶數量都增長了 50% 以上，我們使用 TalentOS 的客戶比例比 6 個月前翻了一番。在 Workday，The Cheese Cake Factory、Stanford Growth、管理層招聘人員、Redfin 和幾家領先的金融機構都使用 TalentOS 平台來推動他們的招聘需求。

As our customer base continues to grow, we have continued to make investments in a world-class user experience, adding a guided onboarding journey to the platform and launching a new experience for quickly starting a user's first e-mail automation campaign.

隨著我們的客戶群不斷增長，我們繼續投資於世界級的用戶體驗，為平台添加引導式入職旅程，並為快速啟動用戶的第一個電子郵件自動化活動推出新體驗。

For our power users, we released advanced boolean search capability as well as an entirely new experience that provides AI-powered similar company recommendation to narrow in on companies to recruit candidates from. OperationsOS is powered by our leading data as a service offering and our data orchestration platform and is a key lever as we expand within enterprise accounts.

對於我們的高級用戶，我們發布了高級布爾搜索功能以及全新的體驗，該體驗提供人工智能驅動的類似公司推薦，以縮小公司招聘候選人的範圍。 OperationsOS 由我們領先的數據即服務產品和數據編排平台提供支持，並且是我們在企業帳戶中擴展的關鍵槓桿。

In Q1, we expanded our support for enterprise scale data and intelligence needs with new large-scale data products, contact data brick, hierarchy data brick and bulk search API. Customers can now build out a complete set of ZoomInfo intelligence directly in the systems they work in. Data bricks are accessible via Snowflake, Google BigQuery, Amazon S3 or SFTP or Bulk API, enabling integration to any system or workflow.

在第一季度，我們通過新的大規模數據產品、聯繫人數據塊、層次數據塊和批量搜索 API 擴展了對企業級數據和智能需求的支持。客戶現在可以直接在他們工作的系統中構建一整套 ZoomInfo 智能。可以通過 Snowflake、Google BigQuery、Amazon S3 或 SFTP 或 Bulk API 訪問數據塊，從而實現與任何系統或工作流的集成。

Finally, we announced a partnership with Google Cloud to power businesses with ZoomInfo's data and intelligence in the systems where they work. Through our integration with Google BigQuery, joint customers can eliminate cumbersome B2B data ingestion processes and get more mileage out of the data in Google Cloud by seamlessly accessing ZoomInfo data and intelligence directly in BigQuery.

最後，我們宣布與 Google Cloud 建立合作夥伴關係，以利用 ZoomInfo 在其工作系統中的數據和智能為企業提供支持。通過我們與 Google BigQuery 的集成，聯合客戶可以直接在 BigQuery 中無縫訪問 ZoomInfo 數據和智能，從而消除繁瑣的 B2B 數據攝取流程並從 Google Cloud 中的數據中獲得更多收益。

In February, after months of planning and building, we launched MarketingOS, our new account-based marketing platform built on top of our shared data cloud and designed to give marketers new ways to reach target accounts and drive qualified leads for sales team. Just as we revolutionize the future of selling, our product teams have been working hard to imagine a new platform for marketers. MarketingOS leverages our robust professional and company data. to allow marketers to execute campaigns throughout the display ad network, social media network and through marketing and sales automation channels.

2 月，經過數月的規劃和建設，我們推出了 MarketingOS，這是我們基於共享數據云的新的基於客戶的營銷平台，旨在為營銷人員提供新的方式來接觸目標客戶並為銷售團隊吸引合格的潛在客戶。正如我們徹底改變銷售的未來一樣，我們的產品團隊一直在努力為營銷人員設想一個新平台。 MarketingOS 利用我們強大的專業和公司數據。允許營銷人員在整個展示廣告網絡、社交媒體網絡以及營銷和銷售自動化渠道中執行活動。

The ZoomInfo Data Cloud enables marketers to identify and target their highest-value audiences, upload creative assets, sequence relevant messaging across display and social ads and intelligently engage prospects both in their inboxes and beyond.

ZoomInfo 數據云使營銷人員能夠識別和定位其最高價值的受眾，上傳創意資產，在展示廣告和社交廣告中對相關消息進行排序，並在收件箱內外智能地吸引潛在客戶。

And by leveraging our form complete and chat solution, both originally part of SalesOS, but now natively configurable and deployable inside of MarketingOS, marketers increased conversion rates by instantly populating lead form with accurate professional data and by engaging visitors with the right account executives and account managers through real-time chat.

通過利用我們的表單完成和聊天解決方案，這兩個解決方案最初都是 SalesOS 的一部分，但現在可以在 MarketingOS 內部進行本地配置和部署，營銷人員通過使用準確的專業數據即時填充潛在客戶表單以及讓訪問者與合適的客戶主管和客戶互動來提高轉化率經理通過實時聊天。

Finally, our built-in reporting allows for optimization of ad creative and nurture streams through platform supported AB testing. And because of the interoperability of our operating system, marketing and sales teams work from the same data and platform foundation, which tightens key handoffs and unlocks cross-departmental alignment.

最後，我們的內置報告允許通過平台支持的 AB 測試優化廣告創意和培育流。由於我們操作系統的互操作性，營銷和銷售團隊在相同的數據和平台基礎上工作，這加強了關鍵交接並解鎖了跨部門的一致性。

We acquired Chorus in July of last year, and since then, we have nearly tripled the number of Chorus customers. We are seeing increasingly higher attach rates with both new and existing customers and are now recording, analyzing and surfacing insights on close to 500,000 meetings each month with Chorus.

我們在去年 7 月收購了 Chorus，從那時起，我們的 Chorus 客戶數量幾乎翻了三倍。我們看到新客戶和現有客戶的附加率越來越高，現在每個月與 Chorus 進行的近 500,000 次會議記錄、分析和呈現見解。

Behind the success on the go-to-market front, are the ongoing development efforts driving category leadership and conversation and revenue intelligence. In Q1, we introduced Deal Signal to help sales teams monitor and manage their deal pipeline. Deal Signal surfaces at-risk deals, allowing a salesperson and their manager to quickly scan what's in the pipeline and easily identify factors that could slow or derail deals.

在進入市場方面取得成功的背後，是持續的開發努力推動了類別領導力和對話以及收入情報。在第一季度，我們引入了 Deal Signal 來幫助銷售團隊監控和管理他們的交易渠道。交易信號顯示有風險的交易，使銷售人員及其經理能夠快速掃描管道中的內容並輕鬆識別可能減慢或破壞交易的因素。

For example, when a deal gets stuck in a certain opportunity stage, our prospects are unusually slow to respond to rep outreach. We also rolled out a new Microsoft Dynamics CRM integration and strengthened our HubSpot CRM integration. Both now include bidirectional sync with Chorus, which allows our customers to pull information from their CRM into Chorus's pipeline visibility tool Momenta. This allows Chorus users to parse through everything from conversation transcript to how many contacts are engaged to the number of e-mails flowing between themselves and their prospects.

例如，當交易陷入某個機會階段時，我們的潛在客戶對代表外展的反應異常緩慢。我們還推出了新的 Microsoft Dynamics CRM 集成並加強了我們的 HubSpot CRM 集成。兩者現在都包括與 Chorus 的雙向同步，這允許我們的客戶將信息從他們的 CRM 中提取到 Chorus 的管道可見性工具 Momenta 中。這允許 Chorus 用戶解析所有內容，從對話記錄到參與的聯繫人數量，再到他們與潛在客戶之間流動的電子郵件數量。

And they can use all of that information to provide better forecasting accuracy and next best actions in the sales cycle. We continue to lead the way on privacy and compliance as it relates to all of our offerings. And in Chorus, we embedded our patented flow for GDPR-compliant meeting recording into Google calendar. Reps just need a single click to ensure their scheduled meetings are fully compliant and recorded in Chorus, while organizations continue to have the tools to ensure compliance across all their users and meeting. Finally, in a really busy quarter for Chorus, we released a Chorus mobile application on the iOS and Google Play stores which now has thousands of downloads and a 100% 5-star rating.

他們可以使用所有這些信息來提供更好的預測準確性和銷售週期中的下一個最佳行動。我們繼續在隱私和合規方面處於領先地位，因為它與我們所有的產品相關。在 Chorus 中，我們將符合 GDPR 的會議錄製專利流程嵌入到 Google 日曆中。代表只需單擊一下即可確保他們安排的會議完全合規並記錄在 Chorus 中，而組織繼續擁有確保所有用戶和會議合規的工具。最後，在 Chorus 非常繁忙的一個季度，我們在 iOS 和 Google Play 商店上發布了一個 Chorus 移動應用程序，該應用程序現在有數千次下載和 100% 的 5 星評級。

At our upcoming Analyst Day, you'll hear even more about the persona-driven approach to our RevOS platform. where we will share more about the expanding multiproduct adoption and attraction in our emerging product portfolio. Additionally, we will share more about the durability of growth and the efficiency of our model and have a great lineup of human to executives and key customers who will be joining us to share more about their experiences using our platform.

在我們即將到來的分析師日，您將聽到更多關於我們 RevOS 平台的角色驅動方法的信息。我們將在其中分享更多關於我們新興產品組合中不斷擴大的多產品採用和吸引力的信息。此外，我們將分享更多關於增長的持久性和我們模型的效率的信息，並為將加入我們的高管和主要客戶提供大量人員，以分享他們使用我們平台的更多經驗。

Before I wrap up, I wanted to take a moment to acknowledge 2 of our departing Board members, Patrick McCarter and Jason Merino. As Carlisle's and TA's ownership in ZoomInfo fell has trended down since the IPO, the number of board seats represented by each firm is reduced. As a result, Patrick and Jason have recently stepped off the board. Jason joined us in 2014 as part of TA Associates investment in the company and was the first investor to see promise in both Zoom Intel and in me.

在結束之前，我想花點時間感謝我們即將離任的 2 位董事會成員 Patrick McCarter 和 Jason Merino。由於 Carlisle 和 TA 在 ZoomInfo 的所有權自 IPO 以來呈下降趨勢，因此每家公司所代表的董事會席位數量減少。結果，帕特里克和傑森最近離開了董事會。 Jason 於 2014 年加入我們，作為 TA Associates 對該公司投資的一部分，他是第一個在 Zoom Intel 和我身上看到前景的投資者。

Over the last 8 years, I can rely on him for an endless amount of advice and counsel, but mostly for his friendship and loyalty. His presence at Board meetings will be missed, but I expect him to continue to be allowed advocate for our success. Patrick joined us in 2018 as part of Carlisle's investment and has served as an important mentor and an unrelenting advocate for our growth. Patrick embodies what every founder looks for in a sponsor. He is smart strategic take feedback and has the company's best interest is the focal point of all of his decisions.

在過去的 8 年裡，我可以依靠他獲得無窮無盡的建議和忠告，但主要是因為他的友誼和忠誠。他在董事會會議上的出席將被錯過，但我希望他繼續被允許為我們的成功辯護。 Patrick 於 2018 年加入我們，作為 Carlisle 投資的一部分，他一直是我們發展的重要導師和堅定不移的倡導者。帕特里克體現了每個創始人在讚助商中尋找的東西。他是明智的戰略反饋，並以公司的最大利益為中心，是他所有決策的焦點。

In closing, we continued our strong momentum from 2021 and had a great start to the year. We're in the earliest stages of activating a large and growing market opportunity, and the team continues to exemplify strong and consistent execution. We are extremely confident in the opportunity ahead. And with that, I'll hand it over to our Chief Financial Officer, Cameron Hyzer.

最後，我們延續了 2021 年的強勁勢頭，並在今年取得了良好的開端。我們正處於激活龐大且不斷增長的市場機會的最初階段，團隊繼續體現強大而一致的執行力。我們對未來的機會充滿信心。有了這個，我會把它交給我們的首席財務官 Cameron Hyzer。

Thanks, Henry. Q1 was another terrific quarter in terms of execution and growth. We outperformed all areas of our guidance and executed well across our portfolio of growth initiatives, including enterprise, international and emerging advanced functionality on the platform.

謝謝，亨利。就執行和增長而言，第一季度是另一個了不起的季度。我們在指導的所有領域都表現出色，並且在我們的增長計劃組合中執行良好，包括平台上的企業、國際和新興高級功能。

The demand environment remains strong. Companies continue to invest behind improving their go-to-market motions and the platform strategy is resonating with customers. We are confident that given the tremendous value we provide to our customers our current narrow level of market penetration that we will be able to drive durable growth regardless of the economic environment. As a result, we are raising our full year guidance for revenue to $1.06 billion to $1.07 billion and adjusted operating income to $418 million to $424 million. At the midpoint, this represents revenue growth of 43% and an adjusted operating income margin of 40%.

需求環境依然強勁。公司繼續投資以改善其進入市場的動作，並且平台戰略正在引起客戶的共鳴。我們相信，鑑於我們為客戶提供的巨大價值，我們目前的市場滲透率很低，無論經濟環境如何，我們都將能夠推動持久增長。因此，我們將全年收入指引提高至 10.6 億美元至 10.7 億美元，調整後的營業收入提高至 4.18 億美元至 4.24 億美元。在中點，這意味著收入增長 43%，調整後的營業利潤率為 40%。

For 2022, we expect to deliver more than $1 per share and unlevered free cash flow. In Q1, we delivered GAAP revenue of $242 million, up 58% year-over-year, which implies 11% sequential growth compared to Q4, 2021, as adjusted for days in the quarter. Excluding the impact of products acquired within the last 12 months, organic revenue growth for the quarter was 49%. Adjusted operating income in Q1 was $96 million, a margin of 39%.

到 2022 年，我們預計將實現每股 1 美元以上的無槓桿自由現金流。在第一季度，我們實現了 2.42 億美元的 GAAP 收入，同比增長 58%，這意味著與 2021 年第四季度相比，經本季度天數調整後環比增長 11%。排除過去 12 個月內收購的產品的影響，本季度的有機收入增長為 49%。第一季度調整後的營業收入為 9600 萬美元，利潤率為 39%。

With respect to our international business, we are driving strong growth and success for customers outside the U.S. We invested in growing our sales team in London and also committed to further expanding in India and Israel. Revenue from international customers is 12% of total revenue and grew over 80% in Q1 relative to last year. Our investment in the enterprise motion and advanced functionality within our platform continue to drive engagement and growth with our customers. This is reflected in the addition of more than 150 customers with more than $100,000 in ACV and further penetration of our recently expanded MarketingOS and TalentOS offerings.

關於我們的國際業務，我們正在為美國以外的客戶推動強勁的增長和成功。我們在倫敦投資發展我們的銷售團隊，並致力於在印度和以色列進一步擴張。來自國際客戶的收入佔總收入的 12%，與去年相比在第一季度增長了 80% 以上。我們對平台內企業運動和高級功能的投資繼續推動與客戶的互動和增長。這反映在增加了 150 多個客戶的 ACV 超過 100,000 美元，以及我們最近擴展的 MarketingOS 和 TalentOS 產品的進一步滲透。

Turning to the balance sheet and cash flow. We ended the first quarter with $407 million in cash, cash equivalents and short-term investments. Operating cash flow in Q1 was $105 million, which included approximately $20 million of interest payments. Unlevered free cash flow was $126 million for the quarter, or 131% of adjusted operating income.

轉向資產負債表和現金流。我們在第一季度結束時擁有 4.07 億美元的現金、現金等價物和短期投資。第一季度的經營現金流為 1.05 億美元，其中包括約 2000 萬美元的利息支付。本季度無槓桿自由現金流為 1.26 億美元，佔調整後營業收入的 131%。

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. Following the end of the quarter, we acquired Comparably and Dogpatch Advisors for approximately $145 million in cash, net of cash acquired. We expect these acquisitions to contribute revenue in the low teens millions of dollars in 2022 and create a modest drag on margins of 1 to 2 points for the remaining quarters this year. While these acquisitions are small, and will have only a modest impact on our financials in 2022. We expect them to be accretive to growth and operating income in 2023 and forward.

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。本季度末，我們以約 1.45 億美元的現金（扣除收購的現金）收購了 Comparably 和 Dogpatch Advisors。我們預計這些收購將在 2022 年貢獻數百萬美元的收入，並在今年剩餘的幾個季度對利潤率造成 1 到 2 個百分點的適度拖累。雖然這些收購規模很小，並且只會對我們 2022 年的財務狀況產生適度影響。我們預計它們將在 2023 年及以後增加增長和營業收入。

With respect to liabilities and future performance obligations, unearned revenue at the end of the quarter was $406 million and remaining performance obligations, or RPO, were $918 million, of which $715 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 11% days adjusted sequential revenue growth in the first quarter.

在負債和未來履約義務方面，本季度末未實現收入為 4.06 億美元，剩餘履約義務或 RPO 為 9.18 億美元，其中 7.15 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。我們在第一季度實現了 11% 的調整後收入環比增長。

At the end of Q1, we carried $1.25 billion in gross debt. With continued growth, we saw an improvement in leverage in the quarter with a net leverage ratio of 2.4x trailing 12 months adjusted EBITDA and 1.8x trailing 12 months cash EBITDA, which is defined as consolidated EBITDA in our credit agreements. We also recently received upgrades from both Moody's and S&P to Ba3 and BB, respectively, for our corporate ratings. Following the launch of our inaugural ESG report, we also received an upgrade from MSCI with our ESG rating upgraded to AA.

在第一季度末，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有所改善，淨槓桿率為過去 12 個月調整後 EBITDA 的 2.4 倍和過去 12 個月現金 EBITDA 的 1.8 倍，在我們的信貸協議中定義為合併 EBITDA。我們最近還分別將穆迪和標準普爾的公司評級上調至 Ba3 和 BB。在我們發布首份 ESG 報告後，我們還獲得了 MSCI 的升級，我們的 ESG 評級上調至 AA。

With that, I will provide our outlook for the second quarter and increased outlook for full year 2022 results. For Q2, we expect GAAP revenue in the range of $253 million to $255 million and adjusted operating income in the range of $98 million to $100 million. Non-GAAP net income is expected to be in the range of $0.17 to $0.18 per share. Our Q2 guidance implies year-over-year GAAP revenue growth of 46% at the midpoint and an adjusted operating income margin of 39%. We are providing updated full year 2022 guidance as follows: We expect GAAP revenue in the range of $1.06 billion to $1.07 billion, up $50 million from our prior guidance. And adjusted operating income in the range of $418 million to $424 million, up from $410 million at the midpoint of our prior guidance.

有了這個，我將提供我們對第二季度的展望以及對 2022 年全年業績的展望。對於第二季度，我們預計 GAAP 收入在 2.53 億美元至 2.55 億美元之間，調整後的營業收入在 9800 萬美元至 1 億美元之間。非 GAAP 淨收入預計在每股 0.17 美元至 0.18 美元之間。我們的第二季度指導意味著中點的 GAAP 收入同比增長 46%，調整後的營業利潤率為 39%。我們提供更新的 2022 年全年指引如下：我們預計 GAAP 收入在 10.6 億美元至 10.7 億美元之間，比我們之前的指引增加 5000 萬美元。調整後的營業收入在 4.18 億美元至 4.24 億美元之間，高於我們之前指導中點的 4.1 億美元。

We expect non-GAAP income in the range of $0.75 to $0.77 per share based on 411 million diluted weighted average shares outstanding, up from 72 points at the midpoint previously. For unlevered free cash flow, we expect to generate between $435 million to $445 million up from $430 million at the midpoint previously. Our full year guidance implies 43% GAAP revenue growth at the midpoint, up from 36% at the midpoint of our prior guidance. And our full year guidance also implies an adjusted operating income margin of 40% and an unlevered free cash flow margin of 41%.

基於 4.11 億股稀釋加權平均流通股，我們預計非 GAAP 收入在每股 0.75 美元至 0.77 美元之間，高於之前中點的 72 個點。對於無槓桿的自由現金流，我們預計將產生 4.35 億至 4.45 億美元，高於之前中點的 4.3 億美元。我們的全年指導意味著中點 43% 的 GAAP 收入增長，高於我們之前指導中點的 36%。我們的全年指引還意味著調整後的營業利潤率為 40%，無槓桿自由現金流利潤率為 41%。

With that, let me turn it over to the operator to open the call for questions.

有了這個，讓我把它交給接線員來打開問題的電話。

(Operator Instructions). And our first question comes from Phil Winslow of Credit Suisse.

（操作員說明）。我們的第一個問題來自瑞士信貸的菲爾溫斯洛。

Congrats on another great quarter. I mean, obviously, you saw a strong organic growth at 49%. But 1 of the metrics that jumped out, I mean, was the revenue from acquired products over the past 12 months, a $13 million (inaudible) was underscoring some of the comments in you made about RingLead and Chorus AI. But I guess 2 questions to follow up on that. What are customers telling you now that you've had RingLead and Chorus inside of ZoomInfo for a couple of quarters now, sort of why they're choosing ZoomInfo and how you kind of differentiate yourself versus the point solutions out there. And then Cameron, One of the questions I get is you continue to expand up the stack in the new personas. How do you think about just sort of unit economics and sales efficiency?

祝賀另一個偉大的季度。我的意思是，很明顯，你看到了 49% 的強勁有機增長。但我的意思是，其中一個跳出的指標是過去 12 個月內收購產品的收入，1300 萬美元（聽不清）突出了你對 RingLead 和 Chorus AI 的一些評論。但我想有 2 個問題需要跟進。客戶現在告訴您什麼，您已經在 ZoomInfo 中使用了 RingLead 和 Chorus 幾個季度，他們選擇 ZoomInfo 的原因以及您如何區分自己與那裡的單點解決方案。然後是卡梅倫，我得到的一個問題是，你繼續在新角色中擴展堆棧。您如何看待單位經濟和銷售效率？

Thanks, Phil. I think first, customers are out there trying to modernize their go-to-market staff. And so they're out looking for solutions that do lead routing and lead scoring in real time. They're out there looking for a B2B chat for their website. They're out there looking for conversation intelligence to improve the insights that they have on their sales teams to hear the voice of the customer.

謝謝，菲爾。我認為首先，客戶正在努力使他們的上市員工現代化。因此，他們正在尋找能夠實時進行潛在客戶路由和潛在客戶評分的解決方案。他們在那里為他們的網站尋找 B2B 聊天。他們在那裡尋找對話智能，以提高他們對銷售團隊的洞察力，以聽取客戶的聲音。

And so what -- and they're already customers of ZoomInfo. And so when we have the conversation with them when we're able to tell them, look, you're out there thinking about cobbling together a number of these point solutions that don't talk together that don't work off of a common data foundation that have no synergies in between these solutions. And when you think about the solutions that we provide, they all get better when you embed our data foundation into them.

那又怎樣——他們已經是 ZoomInfo 的客戶了。因此，當我們與他們進行對話時，當我們能夠告訴他們時，看，您正在考慮將許多無法一起討論的點解決方案拼湊起來這些解決方案之間沒有協同作用的數據基礎。當您考慮我們提供的解決方案時，當您將我們的數據基礎嵌入其中時，它們都會變得更好。

That gets better because it can route to the right account manager and account executive so that it can surround that account executive with insights on the account that's coming into chat. Conversation intelligence gets better because we can identify when key buyers are missing in the sales cycle and offer them up for a go-to-market motion, lead routing gets better because we can do better assignment and enrichment of leads and accounts as they come in. And so it's really easy to see a future where the data foundation creates the strategic differentiator across all of these different solutions in the platform. And customers are seeing that, more and more of them. And customers of all sizes are seeing that more and more of them are working to digitize their go-to-market motions. And we're having these really robust conversations with them about taking a platform approach to that.

這會變得更好，因為它可以路由到正確的客戶經理和客戶主管，以便它可以圍繞該客戶主管了解即將聊天的客戶。對話智能變得更好，因為我們可以識別銷售週期中何時缺少關鍵買家並為他們提供進入市場的行動，潛在客戶路由變得更好，因為我們可以更好地分配和豐富潛在客戶和客戶. 因此，很容易看到數據基礎在平台中的所有這些不同解決方案之間創造戰略差異化的未來。越來越多的客戶看到了這一點。各種規模的客戶都看到，越來越多的客戶正在努力將他們的上市動作數字化。我們正在與他們就採取平台方法進行這些非常有力的對話。

And Phil, with respect to sales efficiency, naturally, as you're selling more complex solutions, the sales cycles at times can be a little longer. But what we found is that by integrating the conversations with solution that our customers are already taking advantage of and getting real value out of that we're able to compress those sales cycles versus what you might see otherwise. So while sales efficiency might move around a little as we're continuing to invest in different initiatives, whether that's international or enterprise or more complex products, et cetera, we expect to be able to maintain an industry-leading level of sales efficiency going forward. And to continue to grow our sales and marketing capacity so we can grow sales and marketing and our revenues as well.

Phil，就銷售效率而言，自然，當您銷售更複雜的解決方案時，銷售週期有時可能會更長一些。但是我們發現，通過將對話與我們的客戶已經在利用的解決方案相結合，並從中獲得真正的價值，我們能夠壓縮這些銷售週期，而不是您可能看到的其他情況。因此，儘管銷售效率可能會隨著我們繼續投資於不同的計劃（無論是國際、企業或更複雜的產品等）而略有變化，但我們希望能夠在未來保持行業領先的銷售效率水平.並繼續提高我們的銷售和營銷能力，以便我們能夠增加銷售和營銷以及我們的收入。

Our next question comes from Mark Murphy of JPMorgan.

我們的下一個問題來自摩根大通的馬克·墨菲。

I'll add my congrats on just a great quarter. Cameron, I was wondering, can you just confirm Dogpatch advisers, is that an aquihire of something like 1 to 2 people. It looks like it's something kind of small. And then Comparably, for Henry, I think of Comparably as competing against Glassdoor for kind of the Best Places to Work awards. Is any of their data applicable to generating sales leads? Or is that 100% designed to kind of solidify what you're doing with the HR and recruiter and talent OS product lines?

我將祝賀一個偉大的季度。卡梅倫，我想知道，你能確認一下 Dogpatch 顧問，那是 1 到 2 人的招聘。它看起來像是一種小東西。然後 Comparably，對於 Henry，我認為 Comparably 與 Glassdoor 競爭最佳工作場所獎。他們的任何數據是否適用於產生銷售線索？還是 100% 旨在鞏固您在 HR、招聘人員和人才操作系統產品線方面所做的工作？

So I'll hit Dogpatch first. Dogpatch and Comparably are both reasonably small. Dogpatch is a small company, but it was definitely more than an aquihire where they have relationships and a history of really delivering great go-to-market consulting engagements for large clients. So it's a handful of people, but I think that they very much box outside of the class in terms of the value they're able to deliver. And we think that by bringing that on and being able to deliver those engagements that we'll be able to further accelerate the solutions that we're offering as well.

所以我會先打Dogpatch。 Dogpatch 和 Comparably 都相當小。 Dogpatch 是一家小公司，但它絕對不僅僅是一家擁有關係的收購公司，並且擁有真正為大客戶提供出色的上市諮詢服務的歷史。所以這是少數人，但我認為就他們能夠提供的價值而言，他們在課堂之外非常出色。我們認為，通過實現這一點並能夠提供這些參與，我們將能夠進一步加速我們提供的解決方案。

And on Comparably, look, we are very focused on Comparably adding value to our TalentOS platform. That's where we're focused with that acquisition. Now Comparably does a lot more than just the employee review that you see online behind that is a suite of SaaS tools that allows HR and recruiting professionals to easily create content for their careers pages, for their recruiters that allow them to quickly solicit feedback from their employees through Slack and e-mail and easy-to-use survey solutions that they're able to quickly deploy.

在 Comparably，看，我們非常專注於 Comparably 為我們的 TalentOS 平台增加價值。這就是我們專注於收購的地方。現在，Comparably 所做的不僅僅是您在網上看到的員工評論，它背後還有一套 SaaS 工具，讓 HR 和招聘專業人員可以輕鬆地為他們的職業頁面創建內容，讓他們的招聘人員能夠快速徵求他們的反饋員工通過 Slack 和電子郵件以及他們能夠快速部署的易於使用的調查解決方案。

And so what we see in the marketplace today is the most challenging higher-end environment in history. And what we hear from our recruiting client and our TalentOS platform clients is that they are struggling to find the right candidates to fill their job role where historically, they could post something on a job board and instantly get candidates.

因此，我們今天在市場上看到的是歷史上最具挑戰性的高端環境。我們從我們的招聘客戶和 TalentOS 平台客戶那裡聽到的是，他們正在努力尋找合適的候選人來填補他們的工作角色，而從歷史上看，他們可以在工作板上發布一些內容並立即獲得候選人。

That's not the case anymore. They are out there direct sourcing the candidates they need to be able to reach their goal. And we think the combination of the recruitment marketing and employer branding suite that comparably adds combined with the sourcing and engagement and digitization tools that we provide inside of TalentOS makes for a really important solution at a really important time in our hiring history.

現在不是這樣了。他們在那裡直接尋找能夠實現目標所需的候選人。我們認為，招聘營銷和雇主品牌套件相結合，再加上我們在 TalentOS 內部提供的採購、參與和數字化工具，在我們招聘歷史上非常重要的時刻，這是一個非常重要的解決方案。

And our next question comes from Raimo Lenschow of Barclays.

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

One from me as well. Can I talk a little bit more higher level. I mean, obviously, this year was the year where you have more focus on Europe. And you kind of talked about the opening of the offices in London, et cetera. What's the -- is there any impact on the pace of push into Europe from events there? Are you seeing anything? And do you see anything on the U.S. side. In theory, your solution is helping people to get to their clients better. But like any impact from macro on Europe and the U.S.?

我也有一份。能不能說的高一點。我的意思是，顯然，今年是你更加關注歐洲的一年。你談到了在倫敦開設辦事處等等。那裡發生的事件對向歐洲推進的步伐有什麼影響嗎？你看到什麼了嗎？你在美國方面看到了什麼嗎？從理論上講，您的解決方案是幫助人們更好地接觸他們的客戶。但就像宏觀對歐洲和美國的影響一樣？

Yes. Thanks, Raimo. So we really don't see any impact on Europe at this point or in the U.S. Our customers are almost entirely selling to other businesses and are in most cases, looking for ways to do so more effectively and efficiently. And I think if anything, in times of stress, historically, you look -- you see that businesses are looking to either take out efficiencies or invest in things that have a faster time to value than other solutions. And I think -- in all cases, our solution helps our customers be more effective, be more efficient. And it's also something that whenever they're adding additional functionality or coming on for the first time, it's something that they see immediate time to value, which makes it a great solution when you see times of stress, whether that's Europe or potentially a broader economic downturn in the U.S.

是的。謝謝，雷莫。因此，我們目前確實沒有看到對歐洲或美國的任何影響。我們的客戶幾乎完全向其他企業銷售產品，並且在大多數情況下，正在尋找更有效和更有效率的方法。而且我認為，如果有的話，在壓力時期，從歷史上看，您會看到企業正在尋求提高效率或投資於比其他解決方案更快實現價值的事物。而且我認為 - 在所有情況下，我們的解決方案都可以幫助我們的客戶更有效，更有效率。這也是每當他們添加額外功能或首次推出時，他們會立即看到價值的東西，這使它成為當你看到壓力時的一個很好的解決方案，無論是在歐洲還是潛在的更廣泛的地區美國經濟衰退

Our next question comes from DJ Hynes with Canaccord.

我們的下一個問題來自 Canaccord 的 DJ Hynes。

Great set of numbers. Henry, so you added a very experienced Chief Compliance Officer back in January. I know you have a ton of expertise particularly in the U.K. now that Simon's had a quarter-plus under his belt, any -- can you share any observations or recommendations he's made around ZoomInfo privacy practices?

一組很棒的數字。亨利，所以你在一月份增加了一位經驗豐富的首席合規官。我知道您擁有大量的專業知識，尤其是在英國，現在 Simon 擁有四分之一以上的經驗，任何 - 您能否分享他對 ZoomInfo 隱私實踐的任何觀察或建議？

Yes. Look, I think the big thing that we've seen with Simon is, number one, I think access to a network of privacy professionals that we're looking to recruit and bring in to ZoomInfo as well as a real understanding of the compliance and regulatory environment that it's helping us think through how we continue to innovate our privacy posture.

是的。看，我認為我們與 Simon 一起看到的最重要的事情是，第一，我認為可以訪問我們正在尋求招募並引入 ZoomInfo 的隱私專業人士網絡，以及對合規性的真正理解和監管環境，它幫助我們思考如何繼續創新我們的隱私姿態。

And I think the other thing we see is the complicated regulatory environment is not just complicated for us, it's complicated for all of our customers. And so we've been able to leverage Simon's expertise in front of our enterprise customers as they look to navigate the regulatory construct and he has more experience in that than just about anybody else in the world. And so we're seeing an ability to unlock opportunities internationally because of Simon's expertise in the regulatory environment. .

我認為我們看到的另一件事是複雜的監管環境不僅對我們來說很複雜，對我們所有的客戶來說也很複雜。因此，我們能夠在我們的企業客戶面前利用西蒙的專業知識，因為他們希望駕馭監管結構，他在這方面的經驗比世界上任何其他人都多。因此，由於西蒙在監管環境方面的專業知識，我們看到了在國際上釋放機會的能力。 .

Our next question comes from Siti Panigrahi of Mizuho.

我們的下一個問題來自瑞穗的 Siti Panigrahi。

Mizuho. I just want to ask about the customer data more than 100,000. That's very impressive.

瑞穗。我只想問一下10萬以上的客戶數據。這是非常令人印象深刻的。

(technical difficulty) the cross-sell going within installed base versus getting new customer -- large customer getting multiple products?

（技術難度）在安裝基礎內進行交叉銷售與獲得新客戶——大客戶獲得多種產品？

So Siti, thanks for joining. You cut out just a little in the middle there. But I think your question was that for those customers that we added that are over 100,000, how much of that is existing customers that are upselling versus customers that are coming on and buying a number of different parts of the platform.

所以西蒂，感謝您的加入。你在中間切了一點。但我認為您的問題是，對於我們添加的超過 100,000 名客戶，其中有多少是現有客戶正在追加銷售，而客戶正在進入併購買平台的許多不同部分。

As has been historically the case, we tend to land customers with a kind of smaller offering or sometimes a trial and then expand and grow them over time. So that continues to be the case that we've -- that most of the customers that we add in that 100,000 are customers that started at a smaller level with us and we've upsell. But there does continue to be momentum in customers coming on over 100,000.

正如歷史上的情況一樣，我們傾向於通過一種較小的產品或有時是試用來吸引客戶，然後隨著時間的推移擴大和發展他們。因此，我們的情況仍然如此 - 我們在這 100,000 名客戶中添加的大多數客戶都是從我們開始的較小級別的客戶，我們已經追加銷售。但是，超過 100,000 名的客戶確實有繼續增長的勢頭。

yes. I think last year, we started to see a little bit more momentum, and that's continued in Q1, where a growing number of customers are coming in at 200,000 or 500,000 and then continuing to grow from there as well.

是的。我認為去年，我們開始看到更多的動力，並且在第一季度繼續，越來越多的客戶以 200,000 或 500,000 的數量進入，然後也繼續增長。

And our next question comes from Michael Turrin of Wells Fargo.

我們的下一個問題來自富國銀行的邁克爾·特林。

Op margins holding in at the high 30s, again, this here in Q1, guide suggests margins remain somewhere around those levels for the rest of the year. Cameron, is that a level you're comfortable suggesting you'd expect margins to stabilize around?

運營利潤率再次保持在 30 年代的高位，這是在第一季度，該指南表明，在今年餘下的時間裡，利潤率仍將保持在這些水平附近。卡梅倫，您是否願意建議您期望利潤率穩定在這個水平？

And then it sounded like the margin delta versus the prior guide is most entirely attributable to some of the M&A you called out but that the growth guide still suggests meaningful increase on an organic basis. Is that a fair characterization or anything else you'd add to just help us compare and contrast the full year outlook of what you last provided?

然後聽起來與之前的指南相比，利潤率增量最完全歸因於你提到的一些併購，但增長指南仍然表明有機基礎上的有意義的增長。這是一個公平的描述，還是您要添加的任何其他內容，以幫助我們比較和對比您上次提供的全年展望？

Yes, absolutely. So from a margin perspective, certainly, we are focused on the construct that we laid out last year at our Analyst Day, where margins are somewhat inversely correlated to growth. So the faster we grow, the more investment we have upfront into bringing customers on and implementing those customers. And so at the levels of growth where we're at today, growing organically around 50%. I think the margins that we've laid out and certainly within the guidance or what we'd expect to continue to operate at if we're able to accelerate that growth, then it is possible that margins would come down somewhat. And certainly, as we grow off a larger and larger base and that growth moderates a little. We would expect the margins to drift up.

是的，一點沒錯。因此，從利潤率的角度來看，當然，我們關注的是我們去年在分析師日提出的結構，其中利潤率與增長呈負相關。因此，我們發展得越快，我們在吸引客戶和實施這些客戶方面的前期投資就越多。因此，在我們今天的增長水平上，有機增長約 50%。我認為我們已經制定的利潤率，當然在指導範圍內，或者如果我們能夠加速增長，我們期望繼續運營的利潤率，那麼利潤率可能會有所下降。當然，隨著我們的基數越來越大，增長會有所放緩。我們預計利潤率會上升。

And our next question comes from Parker Lane of Stifel.

我們的下一個問題來自 Stifel 的 Parker Lane。

Henry, I wanted to talk about TalentOS a little bit here. Would it be fair to say that the majority of the success you've had there so far has been with customers that have used something like SalesOS in the past? And are you beginning to see an uptick in the number of organizations that are attracted to ZoomInfo, specifically for TalentOS or Recruiter on a stand-alone basis?

Henry，我想在這裡稍微談談 TalentOS。可以公平地說，到目前為止，您在那裡取得的大部分成功都來自過去使用過類似 SalesOS 的客戶嗎？您是否開始看到被 ZoomInfo 吸引的組織數量有所增加，特別是獨立的 TalentOS 或 Recruiter？

I think our focus from a go-to-market perspective, Parker, has been focused on the customer base where we already have relationships with the customers. We're already through procurement and privacy and security review where we can accelerate time to the sales cycle within those accounts.

我認為，從進入市場的角度來看，Parker 一直專注於我們已經與客戶建立關係的客戶群。我們已經通過採購、隱私和安全審查，可以加快這些賬戶的銷售週期。

That being said, we're also seeing demand from new customers come in as well. And so we feel really good about the way that we're positioned to have those conversations. And when you think about the breadth of people who are using the solution from everything from The Cheese Cake Factory to Redfin, there's a broad assortment of companies who get value out of that platform. Now the user of TalentOS is obviously not the same user as the SalesOS platform. It is a different area in the business. So I wouldn't say that the actual end user was also a user of SalesOS but the customers, our focus has been on the customer base today.

話雖如此，我們也看到了新客戶的需求。因此，我們對我們進行這些對話的定位方式感覺非常好。當您考慮到從 The Cheese Cake Factory 到 Redfin 等方方面面使用該解決方案的人的廣度時，就會有各種各樣的公司從該平台中獲得價值。現在TalentOS的用戶顯然和SalesOS平台不是同一個用戶。這是業務中的一個不同領域。所以我不會說實際的最終用戶也是 SalesOS 的用戶，而是客戶，我們今天的重點一直是客戶群。

And our next question comes from Kash Rangan of Goldman Sachs.

我們的下一個問題來自高盛的 Kash Rangan。

Henry, strategically, when I look at the different pieces of the possible trying to put together talents marketing, sales, operations, et cetera, it looks like the company is getting a piece of other categories, budgets through overs and marketing, talent, operations, sales previously, you're doing it in a way that is synergistic with your core data platform. Can you talk about how far you can go?

亨利，從戰略上講，當我看到可能試圖將人才營銷、銷售、運營等放在一起的不同部分時，看起來公司正在通過過度和營銷、人才、運營獲得其他類別的預算，以前的銷售，您正在以與您的核心數據平台協同的方式進行操作。你能談談你能走多遠嗎？

And who are the categories that you're gaining share from in each of these domains as you put the pieces of the puzzle together? And if that is successful, how much more upside do you see with our core group of data platform customers, how much can that lead to in terms of ACV multiples relative to where you are with the core product if a customer were to completely buy into all layers of your RevOS?

當您將拼圖拼湊在一起時，您在每個領域中獲得了哪些類別的份額？如果這成功了，您認為我們的核心數據平台客戶群還有多少上升空間，如果客戶完全購買，相對於您使用核心產品的位置而言，這會導致多少 ACV 倍數RevOS 的所有層？

It's an interesting question. When we first founded ZoomInfo that we often got the question on the core sort of data and SalesOS platform. Where are you taking market, who are you taking market from. In reality, we were creating a new market. where this wasn't a solution that was embedded inside of a sales team or a marketing team or a demand generation team.

這是一個有趣的問題。當我們第一次創建 ZoomInfo 時，我們經常會遇到關於核心數據和 SalesOS 平台的問題。你在哪裡佔領市場，你從誰那裡佔領市場。實際上，我們正在創造一個新市場。這不是嵌入在銷售團隊、營銷團隊或需求生成團隊內部的解決方案。

We were evangelizing that a digital way to go to market have to start with data and insights that came from that data. And so we see -- we continue to see a tremendous greenfield opportunity in the sales of the platform. If you think about conversation intelligence, you can take a look at that space. We nearly tripled the number of customers in that space. We're not displacing somebody.

我們一直在宣傳，進入市場的數字化方式必須從數據和來自這些數據的洞察力開始。所以我們看到 - 我們繼續在平台銷售中看到巨大的綠地機會。如果你考慮對話智能，你可以看看那個空間。我們在該領域的客戶數量幾乎增加了兩倍。我們不是要取代某人。

We're making the go-to-market motion more efficient and people are willing to make an investment, essentially a small investment to get a high return on that investment by optimizing the way that they go to market. You see that same thing in talent recruiters when you go inside of a corporation, the recruiting department tends to reach out to candidates and the same way today as they did a decade ago or a decade before that. It's incredibly bespoke. They use job board, they're not directly sourcing. They're not engaging with candidates in digital ways. They're not using SMS and e-mail and calling and website chat to bring customers in candidates in and give them a personalized experience.

我們正在使進入市場的行動更有效率，人們願意進行投資，本質上是一筆小額投資，通過優化他們進入市場的方式來獲得高回報。當您進入公司內部時，您會在人才招聘人員身上看到同樣的情況，招聘部門傾向於接觸候選人，並且與十年前或十年前的方式相同。這是令人難以置信的定制。他們使用工作委員會，他們不直接採購。他們沒有以數字方式與候選人互動。他們沒有使用短信、電子郵件、電話和網站聊天來吸引客戶加入候選人並為他們提供個性化的體驗。

And so when we go into a recruiting department, we're not displacing another budget, where significant. We're making that motion significantly more efficient. You can spend $45,000 on an outplacement recruiter to find an executive talent for you or a senior director or manager talent for you. or you can spend a fraction of that with ZoomInfo to get your team up and online and running after that opportunity. And so you're making that motion more efficient. And so our customers are much more willing to invest and these solutions to make their ultimate motion more efficient without having to displace something that exists today.

因此，當我們進入招聘部門時，我們不會取代另一個重要的預算。我們正在顯著提高該動作的效率。您可以花 45,000 美元聘請新職招聘人員為您尋找執行人才或為您尋找高級主管或經理人才。或者您可以將其中的一小部分用於 ZoomInfo，讓您的團隊在這個機會之後上線並運行。所以你讓這個動作更有效率。因此，我們的客戶更願意投資這些解決方案，以提高他們的終極運動效率，而無需取代當今存在的東西。

And I think when we think about the ACV or the potential for growth within our customers. Certainly, it's early days with the MarketingOS and even with the OperationsOS at this point. But we have customers where the value proposition that we're able to provide in marketing and operations, in some cases, can be greater than even what they're deriving from the SalesOS.

我認為當我們考慮 ACV 或客戶的增長潛力時。當然，現在使用 MarketingOS 甚至是 OperationsOS 還處於早期階段。但是我們有客戶，在某些情況下，我們能夠在營銷和運營中提供的價值主張甚至比他們從 SalesOS 中獲得的價值還要大。

So we have customers that are actually spending more on those particular parts of the platform than they are just on sales. So I think when we look at the opportunity to expand within our customers that we could expand by multiples of what we're currently earning for just the SalesOS, where that's the only thing that's deployed.

因此，我們的客戶實際上在平台的這些特定部分上的花費超過了他們在銷售上的花費。所以我認為，當我們看到在我們的客戶中擴展的機會時，我們可以擴展我們目前僅通過 SalesOS 獲得的收入的倍數，這是唯一部署的東西。

And retention would improve to arguably, right? So that's the good news.

留存率可能會提高，對嗎？所以這是個好消息。

Retention definitely improves as our customers are using more advanced functionality. We already see that there is a significant level of retention improvement for those customers as well.

隨著我們的客戶使用更高級的功能，留存率肯定會提高。我們已經看到，這些客戶的留存率也有了顯著提高。

And our next question comes from Keith Weiss of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Keith Weiss。

This is Elizabeth Porter on for Keith Weiss. I was hoping to get an update on the government opportunity. What is on the uptake of being able to purchase in through the GSA schedule how should we think about monetizing that opportunity?

這是 Elizabeth Porter 為 Keith Weiss 代言的。我希望獲得有關政府機會的最新信息。能夠通過 GSA 時間表購買的情況如何？我們應該如何考慮利用這個機會獲利？

Yes. I think the way to think about it today is that we're in really early days of that opportunity. We are seeing good momentum as we come out as we've come out with an offering for the government and through the GSA schedule. But it's really early days in that opportunity. Lots of promise, and we've stated the team to go after that opportunity, but it's still really early days.

是的。我認為今天考慮它的方式是，我們正處於這個機會的早期階段。當我們通過 GSA 時間表向政府提供產品時，我們看到了良好的勢頭。但現在這個機會還為時過早。很多承諾，我們已經表示團隊會抓住這個機會，但現在還為時過早。

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

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

Congrats on a great quarter. I guess maybe -- just at a high level, you talked about the demand environment, not really seeing much of an impact from all the macro factors. If I isolate that to the large deal environment and we called out that deal with Alphabet, there was 8 figures. How should we think about the pipeline for those types of engagements, not necessarily figure, but just large deals.

祝賀一個偉大的季度。我想也許——只是在高層次上，你談到了需求環境，並沒有真正看到所有宏觀因素的影響。如果我將其與大宗交易環境隔離開來，並且我們宣布與 Alphabet 達成交易，則有 8 個數字。我們應該如何考慮這些類型的參與的管道，不一定是數字，而只是大筆交易。

How do you think about that pipeline this year given the demand? And then maybe for Cameron, for the last, I want to say, 4 quarters, I think. I know they're in perfect metrics, but I believe the calculated billings as we're not ahead of current RPO and current RPO bookings. And that slipped this quarter were current RPO and current RPO bookings are growing faster than the billings on the P&L. Any sense for why that would be? Or anything to call out there would be helpful. .

鑑於需求，您如何看待今年的管道？然後也許對卡梅倫來說，最後，我想說，4 個季度，我想。我知道他們的指標很完美，但我相信計算出的賬單，因為我們沒有領先於當前的 RPO 和當前的 RPO 預訂。本季度下滑的是當前 RPO 和當前 RPO 預訂的增長速度超過了損益表上的賬單。為什麼會這樣？或者任何可以在那裡調用的東西都會有所幫助。 .

So if we start on the pipeline, I'll just jump in real quick. Realistically, the macro factors, if you isolated into to kind of areas, 1 being, obviously, the conflicts in Eastern Europe and the second being fears of a potential recession. We don't see any impact on our large deals. Realistically, we don't do much business in Eastern Europe historically, and that's not kind of 1 of the primary areas where we're focusing right now. So large deals are unimpacted by that.

因此，如果我們從管道開始，我會很快加入。實際上，宏觀因素，如果你孤立到某種領域，一是顯然是東歐的衝突，二是對潛在經濟衰退的擔憂。我們認為對我們的大宗交易沒有任何影響。實際上，從歷史上看，我們在東歐做的生意並不多，這不是我們現在關注的主要領域之一。如此大的交易不受此影響。

And certainly, in terms of any potential recession or recession thoughts, I think for larger deals, those are customers that are leaning in even harder to being more efficient and more effective. So I think that those sorts of customers are more likely to focus on where they can get quick time to value, and that's something that I can imagine even accelerating sales cycles around that as opposed to decelerating because our system is so focused on that quick time to value and generating efficiency and effectiveness for go-to-market motions.

當然，就任何潛在的衰退或衰退的想法而言，我認為對於較大的交易，這些客戶更傾向於更高效和更有效。所以我認為這些類型的客戶更有可能專注於他們可以快速獲得價值的地方，我可以想像甚至加速銷售週期而不是減速，因為我們的系統非常專注於快速時間評估和產生進入市場動議的效率和有效性。

On the billings and bookings discussion, I think it's worth pointing out that if you look at the ratio of billings to bookings, Q1 of last year, so Q1 of 2021 was actually, by far, the highest ratio of bookings to billings or the ratio of billings to bookings, sorry. And that largely related to when we came out of COVID, there was like a deferral of some of our bookings and certainly more of our bookings were done quarterly in like Q2 and Q3 of 2020 than they had been historically. So that's just another 1 of those levels of noise where bookings and billings can be imperfect metrics when you're looking at growth. And certainly, the compare in Q1 of 2021, I think, distorts that the kind of growth figures that you'd otherwise be looking at.

關於賬單和預訂的討論，我認為值得指出的是，如果你查看去年第一季度的賬單與預訂的比率，那麼 2021 年第一季度實際上是迄今為止最高的預訂與賬單比率或比率從帳單到預訂，對不起。這在很大程度上與我們從 COVID 中出來的時間有關，我們的一些預訂被推遲了，而且我們的預訂在 2020 年第二季度和第三季度等季度完成的肯定比歷史上更多。因此，這只是另一種噪音水平，當您關注增長時，預訂和賬單可能是不完美的指標。當然，我認為 2021 年第一季度的比較會扭曲你原本會看到的那種增長數據。

Our next question comes from Rishi Jaluria of RBC. Wonderful.

我們的下一個問題來自 RBC 的 Rishi Jaluria。精彩的。

Nice to see continued strengthen the business. Just a simple one in terms of geography. So you're expanding your presence in Europe. You opened up your first office in India. I want to get a sense for how do you think about the opportunity, especially in emerging markets? Because it seems pretty obvious, the G7 or the natural adjacency but opening up in India, it seems like a completely different base. Maybe can you walk us through how you're thinking about that international opportunity and specifically in emerging markets.

很高興看到繼續加強業務。就地理而言，只是一個簡單的問題。所以你正在擴大你在歐洲的存在。您在印度開設了第一家辦事處。我想了解您如何看待這個機會，尤其是在新興市場？因為看起來很明顯，七國集團或天然毗鄰但在印度開放，它似乎是一個完全不同的基地。也許你能告訴我們你是如何考慮這個國際機會的，特別是在新興市場。

Yes. I think as it relates to India, the bulk of the talent we have there is around customer success, support, product management and engineering. And so the India opportunity we see as one that can help us more manage time zones across the world with customer success and support and product which interfaces the product engineering teams interface with our Israel R&D operation than it is from a go-to-market perspective. Today, from a go-to-market perspective, we think the London office as well as in the future, potentially Australia, New Zealand, time zone and geography makes sense for us.

是的。我認為與印度有關，我們擁有的大部分人才圍繞客戶成功、支持、產品管理和工程。因此，我們認為印度的機會可以幫助我們更好地管理世界各地的時區，獲得客戶成功和支持，產品將產品工程團隊與我們的以色列研發業務聯繫起來，而不是從進入市場的角度來看.今天，從進入市場的角度來看，我們認為倫敦辦事處以及未來的澳大利亞、新西蘭、時區和地理位置對我們來說是有意義的。

Our next question comes from Koji Ikeda of Bank of America.

我們的下一個問題來自美國銀行的 Koji Ikeda。

Henry, Cameron, I wanted to build upon a prior question about TalentOS with its potential for being a primary land and actually kind of shifting it over to MarketingOS here. So clearly, a new product, I understand that, but it has some unique features in there. It has account-based marketing. It has an ad tech DSP. I mean, are you also seeing inbound demand for MarketingOS as a stand-alone basis? And if you are, maybe you could share what are some of the pain points that those customers are looking to try and solve with the ZoomInfo MarketingOS.

亨利，卡梅倫，我想在之前關於 TalentOS 的問題的基礎上再接再厲，它有可能成為主要土地，實際上在這裡將其轉移到 MarketingOS。很明顯，一個新產品，我理解，但它有一些獨特的功能。它具有基於帳戶的營銷。它有一個廣告技術 DSP。我的意思是，您是否也將 MarketingOS 的入站需求視為一個獨立的基礎？如果您是，也許您可以分享這些客戶希望通過 ZoomInfo MarketingOS 嘗試和解決的一些痛點。

Yes. Great question. We are seeing inbound demand for marketing OS from an outbound perspective, we are still focused on our existing customer base for that where we have existing relationships with sales and often marketing. Many of our customers on the SalesOS platform are using it for marketing-related audience building or marketing automation campaign, form completion, enrichment.

是的。好問題。我們從出站的角度看到了對營銷操作系統的入站需求，我們仍然專注於我們現有的客戶群，因為我們與銷售和營銷有現有的關係。我們在 SalesOS 平台上的許多客戶都將其用於與營銷相關的受眾構建或營銷自動化活動、表單完成、豐富。

And so we already have a bulk amount or a big amount of our customers who are from the marketing department. And so what we've done is go out to them, show them the expanded capabilities of the MarketingOS platform and we're getting more and more of them to sign up for that.

因此，我們已經擁有大量或大量來自營銷部門的客戶。所以我們所做的就是向他們展示 MarketingOS 平台的擴展功能，我們正在讓越來越多的他們註冊。

We do believe -- when we have these conversations, one of the first things we hear is, look, we spend a lot of time building high-value audiences to deploy through marketing automation to deploy through our sales team and our outbound efforts and we'd love to have a way to build an audience and deploy through the display ad networks and to deploy through the social media network.

我們確實相信 - 當我們進行這些對話時，我們聽到的第一件事是，看，我們花費大量時間建立高價值受眾，通過營銷自動化進行部署，通過我們的銷售團隊和我們的對外努力進行部署，我們'希望有一種方法來建立受眾群體並通過展示廣告網絡進行部署，並通過社交媒體網絡進行部署。

And our solution because it's built on this 150 million professional profiles across 150 million company profiles, we were able to let marketers build a B2B audience inside of ZoomInfo. And then deploy that audience across the display ad network, across the social media network.

而我們的解決方案，因為它建立在 1.5 億個公司資料中的 1.5 億個專業資料之上，我們能夠讓營銷人員在 ZoomInfo 內建立 B2B 受眾。然後通過展示廣告網絡和社交媒體網絡部署該受眾。

So now you're getting business and buyer persona targeting within the display ad networks. We think that's new. We think that's differentiated. And we know that the reason why we're able to provide that in a significantly differentiated way is because of the data asset that we're leveraging against. And now every marketer can easily build an audience, say, VP of IT at health care companies within California, Nevada and Oregon and start putting ads against that specific persona across the display ad networks, across the social media network. That's incredibly powerful. It's turnkey and marketers haven't had the ability to do that because no one's built a platform like this on top of the data foundation that we have.

因此，現在您可以在展示廣告網絡中定位企業和買家角色。我們認為這是新的。我們認為這是有區別的。而且我們知道，我們能夠以顯著差異化的方式提供它的原因是因為我們正在利用的數據資產。現在，每個營銷人員都可以輕鬆地建立受眾群體，例如加利福尼亞州、內華達州和俄勒岡州醫療保健公司的 IT 副總裁，並開始在社交媒體網絡上的展示廣告網絡中針對該特定角色投放廣告。這是非常強大的。它是交鑰匙的，營銷人員沒有能力做到這一點，因為沒有人在我們擁有的數據基礎之上構建這樣的平台。

Our next question comes from Taylor McGinnis of UBS.

我們的下一個問題來自瑞銀的泰勒麥金尼斯。

So a question on the margin outlook. It seems like a good portion of the outperformance is coming from Chorus, Engage, TalentOS and some of the newer opportunities. So as these pieces become a bigger portion of the mix, Cameron, is there anything to keep in mind from potential impact or differences in the margin structure of some of these at the early stage? .

所以關於利潤率前景的問題。似乎很大一部分錶現來自 Chorus、Engage、TalentOS 和一些較新的機會。因此，隨著這些部分成為組合的更大部分，Cameron，在早期階段，其中一些部分的利潤結構的潛在影響或差異有什麼需要牢記的嗎？ .

And certainly, one of the pieces around the acquisitions that we've done is taking companies that have less of a focus on sales efficiency and putting them into our model, where we're able to generate incremental sales on a much more efficient basis.

當然，我們圍繞收購所做的其中一項工作是將不太關註銷售效率的公司納入我們的模型，我們能夠在更有效的基礎上產生增量銷售。

So I think that what we see, if you think about the margin kind of outlook going forward is that from some of those earlier acquisitions, they'll continue to become a little bit more efficient as they're kind of more deeply integrated into the model, but then we have newer acquisitions where we need to, again, go through that process of realizing some of that synergy and kind of integrating into the platform where we're able to get those faster sales cycles running as well.

所以我認為，如果你考慮未來的利潤率前景，我們看到的是，從早期的一些收購中，它們將繼續變得更有效率，因為它們更深入地融入了模型，但隨後我們有新的收購，我們需要再次經歷實現一些協同作用的過程，並整合到平台中，這樣我們也能夠讓那些更快的銷售週期運行。

So I think that the construct that we've laid out before, where at a 40-ish kind of type of growth rate, which is where we were around when we went public, we'd be able to deliver margins in those kind of mid-40s extended the acquisitions. I think we're very comfortable with that. And obviously, at the levels that we're growing now stepped up levels, we expect margins to continue in the kind of high 30s, low 40s. And as we grow off that larger and larger base, and growth rates start to moderate a little, but we'll see those margins drift back up over time.

因此，我認為我們之前製定的結構，以 40 左右的增長率，這是我們上市時所處的位置，我們將能夠以這種方式提供利潤率40 年代中期擴大了收購範圍。我認為我們對此非常滿意。顯然，在我們現在正在增長的水平上，我們預計利潤率將繼續保持在 30 多歲、40 多歲的低水平。隨著我們從越來越大的基數中成長，增長率開始有所放緩，但我們會看到這些利潤率隨著時間的推移而回升。

Our next question comes from Brent Bracelin of Piper Sandler.

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

I guess, Henry, Cameron, great to hear companies like Alphabet, Shopify leading into the platform, I guess, at a high level, the vision to move up into apps from just the core data layer seems to be resonating -- my question here is if you just think about this quarter biggest dollar beat operating profits that you've seen since the IPO, really strong cash flows. -- what is the appetite to do more on M&A, particularly given valuations in cloud software are much lower today, are you seeing more M&A opportunities? Are there bigger M&A opportunities. Clearly, the strategy is resonating. I love to get any thoughts on what the appetite here is given the momentum you have.

我想，Henry、Cameron，很高興聽到 Alphabet、Shopify 等公司進入該平台，我想，從高層次上講，從核心數據層進入應用程序的願景似乎正在引起共鳴——我的問題在這裡如果你想想這個季度最大的美元超過了自 IPO 以來你所看到的營業利潤，那麼現金流真的很強勁。 - 在併購方面做更多的興趣是什麼，特別是考慮到今天雲軟件的估值要低得多，你是否看到了更多的併購機會？是否有更大的併購機會。顯然，該策略引起了共鳴。鑑於您的動力，我很想知道這裡的胃口是什麼。

Yes. Thank you for the question. I think layering on to what Cameron just finished saying. We feel really good about our ability to take various technologies, integrate them with our data and then take them to market as a proven way to grow. Today, we have a really clear vision for how we want our platform to evolve. We're doing content analysis around that vision around build, buy or partner to achieve that vision. We understand the ecosystems across our 4 personas. And if we see something that matches our vision and the criteria that we've laid out around M&A, you'll see us take a close look.

是的。感謝你的提問。我想把卡梅倫剛剛說完的話分層。我們對我們採用各種技術，將它們與我們的數據集成，然後將它們作為一種行之有效的增長方式推向市場的能力感到非常滿意。今天，我們對我們希望我們的平台如何發展有一個非常清晰的願景。我們正在圍繞構建、購買或合作夥伴的願景進行內容分析，以實現這一願景。我們了解 4 個角色的生態系統。如果我們看到符合我們的願景和我們圍繞併購制定的標準的東西，你會看到我們仔細研究。

And Brent, I'd probably layer on to that. One of the secrets about being really good at M&A is being disciplined and making sure that it meets the criteria that we've set up historically. And so we plan to continue that. I think valuations, I think, in the public markets have certainly come down, but sometimes it takes a little while for private valuations to fully mirror the reality that kind of come to be. So while there are opportunities out there, we're more focused on just meeting our kind of core criteria than we are on where valuations are moving or anything else.

布倫特，我可能會對此有所了解。真正擅長併購的秘訣之一是紀律嚴明，並確保它符合我們歷史上設定的標準。所以我們計劃繼續這樣做。我認為公開市場的估值肯定已經下降，但有時私人估值需要一段時間才能完全反映這種現實。因此，儘管存在機會，但我們更專注於滿足我們的核心標準，而不是估值的變化或其他任何事情。

Last question comes from Brian Peterson of Raymond James.

最後一個問題來自 Raymond James 的 Brian Peterson。

This is Chase on for Brian. Just one from our side. Can you guys elaborate on the announcement of the ZoomInfo Labs. I'm understanding kind of the aggregation integration, but just obviously think about the entire customer there. And then how you guys see the ramping operations to meet the broader demand in the market?

這是布賴恩的追逐。我們這邊只有一個。你們能否詳細說明 ZoomInfo Labs 的公告。我正在理解聚合集成的類型，但顯然要考慮那裡的整個客戶。然後你們如何看待擴大業務以滿足市場更廣泛的需求？

Yes, I think -- so the launch of ZoomInfo Labs is coming off of the acquisition of Dogpatch advisers. And Dogpatch advisors is professional services and consultancy firm that helps enterprises build out their go-to-market efforts using data and insights and software to make those go-to-market efforts incredibly effective and efficient. And so when we talk with our customers and our prospects, what they're telling us is they want a world where their go-to-market motions are driven by data where our software is interconnected seamlessly, where they have the ability to run innovative sales playbook but they don't have a pathway to get there.

是的，我認為——ZoomInfo Labs 的推出是在收購 Dogpatch 顧問之後推出的。 Dogpatch advisors 是專業的服務和諮詢公司，可幫助企業利用數據、洞察力和軟件構建其進入市場的工作，使這些進入市場的工作非常有效和高效。因此，當我們與客戶和潛在客戶交談時，他們告訴我們的是，他們想要一個由數據驅動他們的市場行動的世界，在這個世界中，我們的軟件無縫互連，他們有能力進行創新銷售手冊，但他們沒有到達那裡的途徑。

And so what we're hopeful to do with ZoomInfo Lab is to provide a mechanism to help our customers see a future that's innovative, that's data-driven, where systems are integrated and talk to each other where our data cloud sits at the foundation of that and our application layer drives the interconnectivity of that motion. And so the Dogpatch Advisors acquisition, which turns into ZoomInfo Labs here at ZoomInfo is designed to help our customers not only see that vision, but then also achieve that.. .

因此，我們希望 ZoomInfo Lab 能夠提供一種機制，幫助我們的客戶看到一個創新的、數據驅動的未來，在這個未來中，系統被集成並相互交流，而我們的數據云是我們的基礎。那和我們的應用程序層驅動該運動的互連性。因此，收購 Dogpatch Advisors 後，在 ZoomInfo 變成了 ZoomInfo Labs，旨在幫助我們的客戶不僅看到這一願景，而且實現這一願景……

I would now like to turn the conference back to Mr. Henry Schuck for closing remarks.

我現在想把會議轉回給亨利·舒克先生做閉幕詞。

Great. Thank you, everyone. We hope that you can join us virtually for the Analyst Day on June 2 at 3:00 p.m. Eastern. We're excited to share more with you about our platform approach and our leading combination of both growth and profitability. Thank you.

偉大的。謝謝大家。我們希望您可以在 6 月 2 日下午 3:00 虛擬參加我們的分析師日。東。我們很高興與您分享更多關於我們的平台方法以及我們領先的增長和盈利能力組合的信息。謝謝你。

This concludes today's conference call. Thank you for participating. You may now disconnect.

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。