ZoomInfo AI Confusion Weighs on ZoomInfo, with CF / Sh and EPS Estimates Largely Unchanged; Upmarket Pivot Progresses

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ZoomInfo AI Confusion Weighs on ZoomInfo, with CF / Sh and EPS Estimates Largely Unchanged; Upmarket Pivot Progresses

(FYE Dec)

forecast remains at ~$1.11 despite the forecasted growth slowdown as ZoomInfo

Prev Cur Δ

repurchases 13.1M shares for $90.5M during the quarter; (b) ZoomInfo should see Revenue - 26E ($ mn) 1,257 1,195 -4.9%

material cost reductions in the wake of the 20% headcount RIF; and 3) our uFCF/Sh Revenue - 27E ($ mn) 1,273 1,175 -7.7%

forecast is likewise minimally affected, dropping from $1.35 to $1.30 for 2026.

Overall, we acknowledge that ZoomInfo’s glidepath to re-entering positive growth Quarterly Forecasts (FYE Dec)

territory suffers a setback and may take a while to materialize, and call out three Revenue ($ mn)

2025A 2026E 2027E

key dynamics for investors to keep in mind: (i) incremental data points continue Q1 306 310A 295

to mount which indicate the introduction of consumption-based pricing models Q2 307 301 292

from traditional seats is causing transitional effects for software companies; (ii) Q3 318 291 293

many companies with share prices under duress are actively buying back stock Q4 319 292 295

FY 1,250 1,195 1,175

accretively; and (iii) the rapid rate of change in AI shows more signs of causing a

spending pause amongst software purchasers as they assess rapidly evolving Style Exposure

technologies. Key Takeaways: 1) Revenue, PF Operating Income, and uFCF

Land Above Consensus; Overall Business Continues Upmarket Shift. ZoomInfo

reports FQ1 total revenue of $310.2M, up 1.5% y/y, landing ~70bps ahead of

consensus; PF operating income of $109.7M results in a 35.4% PF operating

margin, ahead of Street at $107.0M; adj. uFCF comes in at $119.7M or 38.6%

margin, landing well ahead of consensus at $108.5M or 35.2%, though still down

~4pts y/y.