Zoominfo Technologies Inc at Goldman Sachs Communacopia & Technology Conference Transcript

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

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : Yeah. Appreciate it. I ask you the same question Henry and the answer probably will be dynamic because the environment has changed. Where do you see ZoomInfo at five years from now? I'm sure that has changed (inaudible) three, four years ago as we did, I think, in 2022, 2023, 2024, 2025, where do you see the top? 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 09, 2025 / 10:05PM, GTM.OQ - Zoominfo Technologies Inc at Goldman Sachs Communacopia & Technology Conference

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : That's the vision five years from now. We're definitely seeing an evolution of the story as we speak in the past few quarters. Definitely, the product strategy has changed. The business model is looking to change. You're a year into the new business model. You're (inaudible) of your new business model. The upmarket motion is trending very nicely for you guys Copilot is ramping quite well. What are the primary initiatives that will continue helping drive the growth momentum that you've seen over in the last couple of quarters?

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : What is it Henry -- so what is the (inaudible) were missing that you were able to [feather]?

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : The data warehouse, how long have you been building this data layer?

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : Is it not the whole ZoomInfo database? It's, like, CRM interaction data with -- 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 09, 2025 / 10:05PM, GTM.OQ - Zoominfo Technologies Inc at Goldman Sachs Communacopia & Technology Conference

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : Tell us more about it because on earnings conference calls, we don't have the latitude to go to these elaborations but tell us how you built it; and how you used AI to -- [Mark's] going to be on stage in about an hour, we're going to be talking about is how they build the data cloud, how they used AI agents on top, practically become. [Eric] on is going to be here on stage exactly the same stage in about 30 minutes. So we're going to be getting into this and tell us how you built this layer -- and how defensible is the technology that you --

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : Got it. The role of third-party foundation models in this layer, what would it be?

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : But you can do this with a natural language?

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : So that will -- the prompt will basically open up a connector through an API call into the Zoominfo -- Go-To-Market pilot and then, produce the results.

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : State a roofing project (multiple speakers) -- 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 09, 2025 / 10:05PM, GTM.OQ - Zoominfo Technologies Inc at Goldman Sachs Communacopia & Technology Conference

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : HVAC project.

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : This is a very different conversation than the one we had last year and the one that we had two years ago. Here, you have incredible innovation, AI infusion into your product suite; whereas in 2020 and 2021, which is (inaudible), was so easy to come by. But then we're working harder and not getting the -- and it's not just ZoomInfo-specific issue. It's Salesforce too, Workday. It's all over the place. What is your -- take a step back. We're working harder. We're innovating faster today. But the growth is not there in the industry because investors take this -- well, I take over the, blah, blah, blah, cloud, right? Is it that? Or is it just that we overbought and it's just working through over consumption? It's just a matter of what the cycle -- and then, we're going to get back to some normal?

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : Graham, how do you keep up with this guy? He's going 100 miles an hour.

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : More serious is, you've got the inside drag on what the CFO job is because you've been prepping for it. Now taking over the job function completely, what is the mandate?

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : Well explained. What is the -- the trade-off is -- although up market is growing nicely -- you don't want to lose the downmarket. So what is the trade-off between what is an acceptable level of growth you want in the downmarket versus the upmarket? How important is that trade-off to your growth output. 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 09, 2025 / 10:05PM, GTM.OQ - Zoominfo Technologies Inc at Goldman Sachs Communacopia & Technology Conference

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : (inaudible), right? Net expansion, right? That's net expansion?

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : And how do you delineate upmarket versus downmarket? It seems like a binary thing but I'm sure that there's a lot more grade, shapes, upgrades.

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : 100-plus. That's not enterprise market. It's, like, upmarket; meaning (inaudible). 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 09, 2025 / 10:05PM, GTM.OQ - Zoominfo Technologies Inc at Goldman Sachs Communacopia & Technology Conference Henry, what is the biggest wins you have secured in recent times that give you conviction that this new AI strategy is indeed working. I know you talked about the roofing. But any other -- like, a Fortune 1000 Global --

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : Largest TCV, right?

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : (inaudible)

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : Got it. Is this -- maybe a (inaudible) leading -- but is this casting possibly halo effect on the core data platform that since you've added so much value around it? Could there be a renaissance of the core data platform?

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : Customers are saying? 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 09, 2025 / 10:05PM, GTM.OQ - Zoominfo Technologies Inc at Goldman Sachs Communacopia & Technology Conference

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : I thought SDRs could be replicated with Copilot?

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : (inaudible)?

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : Wow. Okay. That's (inaudible). Graham, back to you. Copilot -- decent adoption over 10% of the customer base according to my information. What is the unit economics of the Copilot product, if you do track it; and the margin profile of Copilot?

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : Got it. Anybody wants to jump in for a question? -- A couple of -- yes? (inaudible) want ask you was: curious, since you've been in the industry for a lot of time. foundation models. First, there was one. And then, there were three [nanos]. I can't keep track. Trois now a big deal. Microsoft is it with AI. What do you make the flooding of foundation models, seemingly all are trying to do the same thing. Is this posting an opportunity for companies ZoomInfo do you think that the cost of compute and the cost of access intelligence is going to come down? What do you make of this? Do you project this trend out? What does it mean for your company and more (inaudible) is the application.

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : Are you getting the economics --?

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : It's hard to forecast the future. But clearly, we do not see this coming a year ago, nobody saw things coming. It's going to be equally futile (inaudible) paint a picture. The (inaudible) contract there for my own question, Where do you see the company five years out there? But I guess it's easier to see five years out than it is to see 6 months, 9 months, 12 months out, right? But as you connect the dots, clearly, the cost of input is going down; intelligence is more accessible as an adjunct. What do you make of this software (inaudible) hypothesis, which -- I don't feel it. But I'm curious to get you, but maybe you do (inaudible) -- what do you make --?

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : (multiple speakers)

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : May your words prove to be true.

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : On that note, I wish you really well. (inaudible) achieving our vision in 2030. Thank you, once again, for your investment in Goldman Sachs.