Zoominfo Technologies Inc Q3 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Mark Murphy - JPMorgan Chase & Co - Analyst : Thank you so much and congratulations on a great performance. The magnitude of revenue upside is just noticeably larger for Q3 than it has been in the recent past. I think we're seeing the same on RPO. I'm wondering if you can drill down into what you think might have fueled that extra strength there in the quarter. For instance, should we say that it's Copilot ramping into more materiality? Could it be Boomerang customers coming back onto the platform, or could it be Google's AI overviews even, maybe causing some companies to lean back into their outbound STR hiring?

Question: Siti Panigrahi - Mizuho Securities USA LLC - Analyst : Great. Great quarter. You talked about NRR up 1 point. Graham, could you talk about op market retention? How has that been trending? And especially, when you're seeing this the NRR growth, how much of that driven by seat count versus cross-selling of your different other modules?

Question: Brad Zelnick - Deutsche Bank AG - Analyst : Congrats a lot of good signal in these results. Henry, can you expand on the agent force integration opportunity? What exactly is the use case? And how do you size that opportunity in the interest level that you're seeing? I know it's early, but whatever it is that you're seeing out there.

Question: Alex Zukin - Wolfe Research LLC - Analyst : Maybe just, again, addressing -- I think you did this in the script, but maybe putting a finer point on the delta between like really strong CRPO subscription bookings growth of 18% versus billings growth, which seemed a bit weaker? And more broadly, right, if I think about the exit rate implied by the guide for Q4, for next year, anything we should note about how to think about that with respect to what looks to be an improving demand environment as well as kind of increasing competitive product functionality that you guys are demonstrating?

Question: Taylor McGinnis - UBS AG - Analyst : Maybe just to ask one off the last question. So you talked, I think, a little bit earlier about this shift with more business upmarket and causing more seasonality. Well, I guess when you look at the 4Q revs guide, it doesn't seem to imply that greater seasonality. So could you just talk through what are some of the assumptions embedded in the guide? And if there's still some headwinds that you're still working through on the revenue side as the into 4Q? And I guess keeping in mind that seasonality, as we think about 2026, anything to keep them about sequential growth and how we're modeling it there?

Question: Raimo Lenschow - Barclays Services Corp - Analyst : Congrats from me as well. Can we talk a little bit about like -- it does sound like the world is getting out better there. Can you talk a little bit about more nuance in terms of geographies, verticals, et cetera, where you see like things getting really better versus kind of stable or still weak?

Question: David Hynes - Canaccord Genuity Corp - Analyst : I'll share my congrats as well. Graham, for you, how much of the upmarket segment is on Copilot today? And then, Henry, the follow-up to that question is, do you feel like you have pricing right for Copilot now? Or are there still opportunities to potentially extract more value in the future?

Question: Koji Ikeda - Bofa Merrill Lynch Asset Holdings Inc - Analyst : I wanted to ask about the private unified data and AI company mentioned in the prepared remarks, a nice win there and clearly shows that they couldn't do it themselves. And so maybe can you talk a little bit about how that sales process went? And was it a bunch of back and forth with many proof of concepts? Or was it a pretty typically easy and smooth sale for you guys with this company?

Question: Tyler Radke - Citi Infrastructure Investments LLC - Analyst : Earlier, you referenced kind of the Rule of 40 and certainly seeing good progress on that this quarter. But is that something that we should expect for next year? And how do you kind of think about the building blocks to get there? Is the 2% kind of exit rate a good proxy for next year?

Question: Johnathan McCary - Raymond James - Analyst : This is Johnathan McCary on for Brian. Could you see the retention tick up, but I also wanted to ask on the net new business side, sales productivity there and how that's performed against your expectations. And then in some of those new Copilot lens, can you talk about any green shoots of evangelizing some of those new personas that you thought were a key unlock for ZoomInfo?

Question: Rishi Jaluria - RBC Capital Markets Inc - Analyst : Great to see some positive underlying trends in the business. I wanted to go back to Henry, you talked about how there's been a little bit of a shift in some of your customer base in doing more outbound versus inbound. Maybe I want to ask about ZoomInfo as a company, right? You talked in the past about wanting to invest in a little bit more of a PLG motion, while simultaneously going after this enterprise opportunity, which you've clearly seen some good signs of success in. Maybe can you walk us through what are you seeing now with the changing service landscape with SEO becoming maybe a little bit relevant and AI search kind of coming to the forefront? And what sort of impact that's directly had on your business?

Question: Clark Wright - DA Davidson & Co - Analyst : The operations suite continues to be a key growth driver, and Henry made the point that the proprietary data assets that ZoomInfo has enhances enterprises AI initiatives. How are you investing in leveraging AI internally to maintain and improve the stat advantage?