RingCentral Inc at Barclays Global Technology Conference Summary

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

Question: Eamon Coughlin - Barclays Services Corp - Analyst : <_ALACRA_META_ABSTRACT>Great. I guess for those in the room that maybe are new to the RingCentral story, can you help us understand some of the key business trends that you're seeing throughout 2025? Maybe some of the key investment areas and maybe some of the bets you're making for the long-term?

Question: Eamon Coughlin - Barclays Services Corp - Analyst : Yeah, it's super interesting. I feel like I think like the mission criticality of voice is like a new evolution of thought, I think, throughout the investor base that we thought with the evolution of AI that voice wouldn't be as critical but that's not what you're seeing today. And I think maybe could you speak to like from a minutes's perspective, are you seeing that increase over time and continue to grow at the same -- like a similar rate?

Question: Eamon Coughlin - Barclays Services Corp - Analyst : Yeah. And you talked about a little bit of RingCentral defining the UCaaS market. Now you've seen over the last 10 years multiple new entrants to the market, but RingCentral has confidently maintained your market share throughout that time. I guess like what drives that differentiation? What drives that steady market share throughout the last 10 years? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 10:30PM, RNG.N - RingCentral Inc at Barclays Global Technology Conference

Question: Eamon Coughlin - Barclays Services Corp - Analyst : I guess just staying on like the innovation aspect. I think some of the more exciting parts of the RingCentral story have been some of the AI products. I think Vlad likes to call it the three As. Am I correct in saying that?

Question: Eamon Coughlin - Barclays Services Corp - Analyst : Maybe just describe those three products, what's the pricing mechanism behind them? And then maybe some of the early growth signs you're seeing on the products.

Question: Eamon Coughlin - Barclays Services Corp - Analyst : It sounds like there's just clear ROI through these three products. I guess just like is there one product that is clearly leading ahead of the other two or --

Question: Eamon Coughlin - Barclays Services Corp - Analyst : Sure. And then I guess like the adoption is super interesting, too. So 50% from new and 50% from existing. But does that -- what does that look like from a year from now? Like is it going to continue? I guess the upsell is easier with the initial conversation with some of the newer customers. I guess just maybe how to think about that end? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 10:30PM, RNG.N - RingCentral Inc at Barclays Global Technology Conference

Question: Eamon Coughlin - Barclays Services Corp - Analyst : Definitely. I guess just taking a step back for the broader UCaaS environment. Can we just maybe level set and maybe do like a state of the union of like how that market has been growing over the past 12 months, over the past 24 months? How that market looks like the next 12 months? What are the changes and the core trends that RingCentral is seeing in that market?

Question: Eamon Coughlin - Barclays Services Corp - Analyst : So the communications platform on one platform, not a single pane of glass?

Question: Eamon Coughlin - Barclays Services Corp - Analyst : I guess maybe just staying on like the CCaaS aspect. We just talked about UCaaS, now moving to CCaaS. RingCX, I think you're now out in the market for a little over a year -- a couple of years now. Maybe just understanding some of the dynamic you have with NICE. Obviously, with the recent contract extension, I think you're still maybe leading with RingCX in some of your sales motion, but still offering NICE. But just how to think about that partnership, what you're seeing there? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 10:30PM, RNG.N - RingCentral Inc at Barclays Global Technology Conference

Question: Eamon Coughlin - Barclays Services Corp - Analyst : Yes, definitely. I think investors were definitely pleased with that extension. I guess, Devang, when we think about like the last couple of years, RingCentral has been on this great path of margin expansion. How should we think about further leverage? Where would that leverage come from?

Question: Eamon Coughlin - Barclays Services Corp - Analyst : Yeah. No, definitely, I mean, I guess then how to is that how we should think about like the future of RingCentral's margin expansion story like that it maybe just can continue to get leverage from those AI products, continue to rationalize vendors?

Question: Eamon Coughlin - Barclays Services Corp - Analyst : Yes. I guess just maybe just staying on that, you led me right to my next question. As you're continuing to grow your cash generation, how do you think about maybe further share buybacks or M&A? I think the last acquisition was Hopin. Like how do we think about further acquisition opportunities? Where that might be? What market that might be or maybe more share buybacks?

Question: Eamon Coughlin - Barclays Services Corp - Analyst : Got it. And I guess like how to think about the opportunity for growth acceleration. I think we've talked a lot about the improved cash generation, improved margin expansion in the last couple of years. But what would be the key drivers of the growth acceleration? Obviously, we talked about some of the AI products, RingCX, obviously growing very quickly after being launched only a couple of years ago. How do we think about maybe that growth acceleration with tying back to like the broader market being a little bit slower? I would love to hear about that.

Question: Eamon Coughlin - Barclays Services Corp - Analyst : No, definitely. I mean RingCentral has shown the ability to maintain market share through many different macro and market challenges. I guess just understanding some of the more market changes that we've seen over the last two years. I think a lot of your competitors have changed pricing have been a key topic for investors over the last two years. Are we through most of those dynamics? Is like some of that downsell or discounting opportunity? Is that -- are we through most of that? Or is there any changes that we should expect in the future? Any thoughts?

Question: Eamon Coughlin - Barclays Services Corp - Analyst : I guess just staying on that topic, what is the ARPU uplift typically with some --

Question: Eamon Coughlin - Barclays Services Corp - Analyst : So I mean, that motion is evolving. It's clear ROI, definitely a motion that we should go forward in the future. I guess a key debate for the UCaaS and CCaaS market has been like the AI agent first human agent debate and the idea that seats are magically going to go away with AI over time. I guess, can you just level set us in understanding like what that has looked like over the last two years? Are customer service agents going to magically go away tomorrow? If we could -- you could help us just understand some of the dynamics there. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 10:30PM, RNG.N - RingCentral Inc at Barclays Global Technology Conference

Question: Eamon Coughlin - Barclays Services Corp - Analyst : Yes. No, it's an interesting topic and definitely a debate. I don't think it's going to go away anytime soon, unfortunately. I guess just like understanding some of the growth drivers for the future in terms of maybe taking share from competitors like or maybe the cloud migrations from on-prem or maybe further uplift from like some of your AI products. I guess just help us understand like some of the key drivers for that? Like what drives a competitor to be displaced by RingCentral? Like what is the differentiation there? How does RingCentral take further share in the future?

Question: Eamon Coughlin - Barclays Services Corp - Analyst : No, it hasn't changed for sure. I guess, Devang, can you help us understand just from a guidance perspective, what's implied by your Q4 guide, if there are any underlying assumptions that you can provide to the investor base? And then obviously, it's still a little early to guide to 2026, not asking for a preannouncement today, but any sort of help you can help us with like the building blocks for how you're thinking about that guide? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 10:30PM, RNG.N - RingCentral Inc at Barclays Global Technology Conference

Question: Eamon Coughlin - Barclays Services Corp - Analyst : Got it. I think that's all the time we have for today. Devang, Kira, really appreciate the time. Thank you.