RingCentral Inc at Goldman Sachs Communacopia & Technology Conference Transcript

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

Question: Kasthuri Rangan - Goldman Sachs & Co - Analyst : I think we've been doing this for four years in a row, 2022, 2023, '24, and '25; five years -- four years, sorry. I think 10 years, yeah. But I don't ask you the same question all the time. But this time, fourth year in a row. What does RingCentral look like four to five years from now?

Question: Kasthuri Rangan - Goldman Sachs & Co - Analyst : And expand, if you don't mind, on the AIPs. That is the debate right now, and you know where I stand on the debate. But I'd love to understand, as a founder CEO of the company, why are you so deeply connected at AI? It's not just not going to kill you, but it's going to -- I could paraphrase. It's going to rejuvenate the company. Why are we so confident that it will be the case?

Question: Kasthuri Rangan - Goldman Sachs & Co - Analyst : And why is that one --?

Question: Kasthuri Rangan - Goldman Sachs & Co - Analyst : When the was last time anybody left a voicemail?

Question: Kasthuri Rangan - Goldman Sachs & Co - Analyst : Kira, let's move to you. What are your mandates, key mandates in the years ahead? How has your job changed in the company?

Question: Kasthuri Rangan - Goldman Sachs & Co - Analyst : I think the target was $100 million in exit ARR for the new products in 2025. How significant is the AI component of it? And how confident do you feel that somebody is running products that -- feel free to chime in anybody.

Question: Kasthuri Rangan - Goldman Sachs & Co - Analyst : Got it. Bhav, you're the new CFO of the company. You've been with the company for a long time. So what is your agenda and what is your -- the ask that the executive team has made of you? What's your mandate ahead?

Question: Kasthuri Rangan - Goldman Sachs & Co - Analyst : Welcome.

Question: Kasthuri Rangan - Goldman Sachs & Co - Analyst : So Kira mentioned that -- and Vlad, you too, that there's a prospect of potentially accelerating revenue growth rate. If that opportunity were to present to yourself, how do you still grow margins while still accelerating top line? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 08, 2025 / 10:05PM, RNG.N - RingCentral Inc at Goldman Sachs Communacopia & Technology Conference

Question: Kasthuri Rangan - Goldman Sachs & Co - Analyst : Got it. Vlad, back to you. We -- for 3,000 customers for RingCentral AIR that is AI Receptionist, what is the opportunity you're batting for? And why does RingCentral win in this opportunity for AIR?

Question: Kasthuri Rangan - Goldman Sachs & Co - Analyst : And what is the pricing since you're unbundling it in selling itself?

Question: Kasthuri Rangan - Goldman Sachs & Co - Analyst : It's a consumption model?

Question: Kasthuri Rangan - Goldman Sachs & Co - Analyst : Okay. So if $59 --

Question: Kasthuri Rangan - Goldman Sachs & Co - Analyst : Got it. Got it. And who's providing the infrastructure? How are you building this? Is it running on AWS or Azure? What's the hyperscaler who is helping you with this?

Question: Kasthuri Rangan - Goldman Sachs & Co - Analyst : Got it. Let's talk about CX, Vlad, you talked about CX. It's in that $100 million pile of revenues that is the target for exiting 2025. We talked about contact center for some time, and you actually started off saying that contact center is one area where you might see some AI impact. But if you REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 08, 2025 / 10:05PM, RNG.N - RingCentral Inc at Goldman Sachs Communacopia & Technology Conference net out the AI impact against the white space that is available to you, what would be the reason somebody would switch out of our legacy solutions that go to RingCentral?

Question: Kasthuri Rangan - Goldman Sachs & Co - Analyst : Is it a life product at the high end of the market with NiCE?

Question: Kasthuri Rangan - Goldman Sachs & Co - Analyst : So there are two different SKUs, one with the NiCE --?

Question: Kasthuri Rangan - Goldman Sachs & Co - Analyst : Yeah. Got it. Yeah. So what does the renewal of the partnership mean? I mean, is it -- what do you even have to renew it? Is it because the first agreement was a finite time horizon? You have to do it. It's not because NiCE try to do something on their own and fail and decided to renew with the -- REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 08, 2025 / 10:05PM, RNG.N - RingCentral Inc at Goldman Sachs Communacopia & Technology Conference

Question: Kasthuri Rangan - Goldman Sachs & Co - Analyst : Good. So I know you've mentioned your target is to reaccelerate, whether it's not part of the guidance. But what are the things, Vlad, if you take a step back -- if the business were to reaccelerate at some point next year, what are the things that will have contributed to it hypothetically, NiCE being one?

Question: Kasthuri Rangan - Goldman Sachs & Co - Analyst : $250 million in research and development, that's a lot of money. Is it purely AI or core, incremental?

Question: Kasthuri Rangan - Goldman Sachs & Co - Analyst : And let's talk about how you're using AI coding assistance or coding LLMs to get leverage? I mean, what is it that is realistic of a scenario? I mean, can you really have code assistants do the job of an engineer or you look at me and say, Kash, come on, you're a software guy. I mean, that's ridiculous, right? So where are you in that spectrum of unlocking productivity for your developers with AI in the $250 million? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 08, 2025 / 10:05PM, RNG.N - RingCentral Inc at Goldman Sachs Communacopia & Technology Conference

Question: Kasthuri Rangan - Goldman Sachs & Co - Analyst : And that's number of codes of -- likes of code generated for --?

Question: Kasthuri Rangan - Goldman Sachs & Co - Analyst : It's demo-ed, right?

Question: Kasthuri Rangan - Goldman Sachs & Co - Analyst : Got it. So there's an existential debate about users' seats going away because of AI. When you look at your customer base, what are some of the patterns you're seeing? I mean, of course, you've got all kinds of job professions represented in your customer base. It's not just developers and customer support people. But what are you seeing in your customer base? And also secondly, are you using SaaS applications internally within the company? And how does AI affect the use of SaaS or augment or kill? What are your perspective? One is an outside perspective. One is more of an inside perspective. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 08, 2025 / 10:05PM, RNG.N - RingCentral Inc at Goldman Sachs Communacopia & Technology Conference

Question: Kasthuri Rangan - Goldman Sachs & Co - Analyst : Got it. One for you, Vaibhav. How do you price and package? What is your involvement as a CFO in pricing integrity? And how much room do you have as a CFO to extract more economics from the business?

Question: Kasthuri Rangan - Goldman Sachs & Co - Analyst : Got it. So Vlad, one for you. So we're set for another year of solid margin leverage. How are you balancing the investments you talked about, $250 million in research and development? That's -- does it ever come up that you need to balance the investment needed in the business versus driving more margin leverage, which is something the company has done really well? Does this priority change at all in 2026?

Question: Kasthuri Rangan - Goldman Sachs & Co - Analyst : Anybody wants to jump on the question or two? Just raise your hand. And I'm just -- maybe two more. We already talked about this, the future drivers of growth. If you were to stack rank, what's number one most important, number two, and number three to help you reaccelerate?

Question: Kasthuri Rangan - Goldman Sachs & Co - Analyst : Got it. Yes. Go ahead. Unidentified Participant Can you talk about just how you see the agent progress over, let's say, the next couple of years? What are the areas that they can [deflect] more service calls? And which periods are basically very -- like basically no-gos for AI agent?

Question: Kasthuri Rangan - Goldman Sachs & Co - Analyst : Unless there aren't any other questions, why don't we wrap it up just a couple of minutes earlier because I ran out of my questions? You guys did a great job giving good, concise answers and not stonewalling. And so I appreciate the directness and the openness of the conversation here to our clients. It's just day one. We've got three more days of software, technology, Internet. So hang around. I hope you learn a lot and go back with a great actionable investment insights. Thank you so much. And thank you again, Vlad, Kira, and Vaibhav for coming.