1Q26 First Take—A Painful Transition from Seat-Based to Consumption-Initiated

研报英文原文证据摘录

1Q26 First Take—A Painful Transition from Seat-Based to Consumption-Initiated

USA | Software

ZoomInfo EquityMayResearch12, 2026

FLASH NOTE1Q26 First Take—A Painful Transition from Seat-

RATING BUYBased to Consumption-Initiated

PRICE $6.04^

Mgmt materially lowered its full-year revenue outlook as expectations of

modest growth were revised to LSD to MSD y/y declines as clients move away PRICE TARGET | % TO PT $12.00 | +99%

from seat-based licenses. The company will undergo a significant restructuring 52W HIGH-LOW $12.51 - $5.15

this year to: 1) Start switching clients to consumption-based pricing, 2) Laying- FLOAT (%) | ADV MM (USD) 73.5% | 61.04

off 20% of its workforce, 3) Accelerating downmarket declines by shifting to a MARKET CAP $2.0B

PLG led sales motion. The transition is estimated at 12-18 months. TICKER GTM ^Prior trading day's closing price unless otherwise

noted.

A full reset as AI more disruptive than anticipated. Mgmt plans to shift as much of its business

as possible away from seat-based to consumption-based, acknowledging its existing model is

collapsing as clients build more of their own tech, and need only the data from ZoomInfo. With 1/3

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of ACV not tied to seats today, mgmts goal is to get to 50/50 over the next 18–24 months, with

the hybrid pricing model set to begin its rollout in 3Q. Alongside this, the company is accelerating 4Q25 Results—Another Good Quarter;

downmarket toward a PLG-led motion, driving the business towards a more stable base while 2026 Guidance Appears a bit too

reducing reliance on less efficient sales-led motions. Lastly, the company is laying-off 20% of its Conservative (2/10/2026)

workforce (600 people), with restructuring costs expected to total roughly $45-60M, mostly in 2Q