Zoominfo Technologies Inc at Nasdaq London Investor Conference Transcript

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

Question: Chris Quintero - Morgan Stanley & Co Ltd - Analyst : Awesome. Graham, maybe to start, for those who might not be familiar with the ZoomInfo story, the business, could you give us an introduction? The portfolio of your products and the end customers you serve.

Question: Chris Quintero - Morgan Stanley & Co Ltd - Analyst : Got it. You mentioned a proprietary data set. What is that data set? How large is it? How did you build it? 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 09, 2025 / 12:00PM, GTM.OQ - Zoominfo Technologies Inc at Nasdaq London Investor Conference

Question: Chris Quintero - Morgan Stanley & Co Ltd - Analyst : Got it. I would love to touch on the macro environment. Obviously, a lot has happened for sales reps, the sales industry, over the past few years. You've recently highlighted some more improvement in the demand for sales development reps. Talk us through that history of COVID, post-COVID, and what you're seeing now, in terms of the macro environment, sales rep growth.

Question: Chris Quintero - Morgan Stanley & Co Ltd - Analyst : Got it. I want to go back to the business segments that you mentioned earlier: the Upmarket segment, the Downmarket segment. You mentioned Upmarket has grown faster. It's a larger percentage of the overall mix today. What's driven that growth, that success, there? How do you expect the mix to shift over the next few years? Do you expect stabilization, Downmarket? Do you expect enterprise in Upmarket

Question: Chris Quintero - Morgan Stanley & Co Ltd - Analyst : Got it. Okay. The goal is to essentially get the Downmarket business, call it, stabilization; Upmarket business to be double-digit growers so

Question: Chris Quintero - Morgan Stanley & Co Ltd - Analyst : Got it. I want to shift gears to the product. One of the biggest changes in your product portfolio has been Copilot. About 25% of your customers have adopted that, so far. How can we think about adoption, going forward? What exactly is it? What are the capabilities that you're offering with Copilot 2.0?

Question: Chris Quintero - Morgan Stanley & Co Ltd - Analyst : Got it. Another really interesting product -- I think Henry has cited that Go-to-Market Studio is potentially one of the biggest products that ZoomInfo has ever released. What does it exactly do? What are the key workflows processes that it really enables for customers here?

Question: Chris Quintero - Morgan Stanley & Co Ltd - Analyst : How does the connection between GTM Studio and the operation suite work to do -- are customers required to purchase those two together? How should we think about the durability of growth, as you --?

Question: Chris Quintero - Morgan Stanley & Co Ltd - Analyst : Got it. AI action units. It's another offering you all have recently rolled out to a small number of customers. Can you frame the opportunity with these units? Specifically, how does this really benefit your customers and the monetization of them?

Question: Chris Quintero - Morgan Stanley & Co Ltd - Analyst : I wanted to also touch on DaaS, your Data-as-a-Service product. Clearly, there's been a lot of demand for customers looking to build their own solutions and leverage the data that they have. Can you unpack the increase in demand you're seeing there? Is it from existing customers engaging with go to market in a new way or is it more on the new customer side?

Question: Chris Quintero - Morgan Stanley & Co Ltd - Analyst : Got it. I wanted to shift gears a little bit to your financials. Maybe let's start with net retention rate. Q3 marked the fifth consecutive quarter of acceleration to about 90%. Could you talk a little bit about the sustainability of this improvement? What are the key drivers to maintain this improvement in momentum you're seeing here? 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 09, 2025 / 12:00PM, GTM.OQ - Zoominfo Technologies Inc at Nasdaq London Investor Conference

Question: Chris Quintero - Morgan Stanley & Co Ltd - Analyst : Yeah. Is there a net retention rate you all want to eventually get to (Operator Instructions) is reasonable and more normalized?

Question: Chris Quintero - Morgan Stanley & Co Ltd - Analyst : Got it. Obviously, there's been a lot of investor focus on the retention side, existing customer side, I want to touch on the new business, new customer side. What are you seeing there? Are there any certain vertical segments that are doing better or worse or ones that you're leaning into more?

Question: Chris Quintero - Morgan Stanley & Co Ltd - Analyst : Got it. Shifting gears a little bit to competition and the advent of AI, maybe, first, on the risk side. There's a lot of concerns from investors around the need for fewer employees and maybe sales reps, in in your case. In the event of, like, lower seats but higher Copilot spend, what is the net impact there? Is it neutral, positive, negative? Is there a maximum? What you would charge per seat, if it drives efficiently to sizeably reduce the number of seats?

Question: Chris Quintero - Morgan Stanley & Co Ltd - Analyst : Yeah. In terms of expanding the user base outside of SDRs, any way to frame the opportunity there? How big is that opportunity outside of just SDRs and [AEs] and customer success managers? Does the go-to-market motion have to change, at all, to go after some of those new new personas? When we look out three five years, how do you think about where the mix goes?

Question: Chris Quintero - Morgan Stanley & Co Ltd - Analyst : Got it. I want to talk about engagement layers. You've added a lot of functionality into the product portfolio, as it relates to replacing solutions from some of your competitors and vendors in this engagement layer space. How do you think the market consolidates? Is AI a forcing function to drive a faster pace of consolidation?

Question: Chris Quintero - Morgan Stanley & Co Ltd - Analyst : Got It. You announced an expanded partnership with Salesforce in which revenue agent is now integrated with Salesforce's Agentfoce platform. How do you think about the benefits to ZoomInfo's top line? What are the drivers between broadening the top of funnel for ZoomInfo versus more deeply penetrating with some of your existing customers here?

Question: Chris Quintero - Morgan Stanley & Co Ltd - Analyst : Are there any other opportunities to strike similar partnerships with other vendors here that may be of interest to you to help reshape the Upmarket business? 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 09, 2025 / 12:00PM, GTM.OQ - Zoominfo Technologies Inc at Nasdaq London Investor Conference

Question: Chris Quintero - Morgan Stanley & Co Ltd - Analyst : Shifting gears to to profitability and margins here, you've mentioned that your Upmarket business has higher margins than the Downmarket one. How should we think about the magnitude of the delta between the two? In terms of the mix shift, like -- or outside of just the mix shift, like, what are some of the other levers you all are pulling here to drive greater efficiencies, higher-operating margins?

Question: Chris Quintero - Morgan Stanley & Co Ltd - Analyst : Yeah. You've also started to focus investors more on free cash flow per share as a metric. As we think about the cash per share generation potential of the business, what driver are you most confident between revenue generation and margin expansion and repurchases to generate that free cash flow per share growth?

Question: Chris Quintero - Morgan Stanley & Co Ltd - Analyst : Got it. Maybe before I open it up to the audience here, there's a new Equity Compensation Plan for Henry. It looks quite demanding, given the current stock price and the free cash flow guidance for '25. Can you speak to any of the details about the decision to readjust those compensation interests and incentives and the path to hitting these performance targets?

Question: Chris Quintero - Morgan Stanley & Co Ltd - Analyst : Got it. Any questions from the audience here? I must be asking all the right questions. All right. Maybe last one here, Graham, to end off. What do you think is most underappreciated from investors about the ZoomInfo story? Where should they really be digging into?

Question: Chris Quintero - Morgan Stanley & Co Ltd - Analyst : Awesome. I think we can end it 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 09, 2025 / 12:00PM, GTM.OQ - Zoominfo Technologies Inc at Nasdaq London Investor Conference Thank you so much, Graham. Thank you, everyone, for joining.