ZoomInfo J.P. Morgan TMC Conference Takeaways

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ZoomInfo J.P. Morgan TMC Conference Takeaways

J P M O R G A N North America Equity Research

18 May 2026

ZoomInfo Overweight

GTM, GTM US

J.P. Morgan TMC Conference Takeaways Price (15 May 26):$3.86

Today we hosted ZoomInfo’s Founder & CEO Henry Schuck and CFO Graham

O’Brien at our 54th annual TMC conference in Boston, MA.

Software - Large Cap / Mid & Small

Cap

AC• AI Confusion Driving Near-Term Pause; Potential for Confusion to Begin Mark R Murphy

to Alleviate in Q4. ZoomInfo reiterates that the “AI confusion” theme drove a (1-415) 315-6736

pause in customer decision making, particularly within the software vertical, mark.r.murphy@jpmchase.com

as customers are assessing tooling and the path forward to modernizing go-to- Arti Vula, CFA

market motions, with the company emphasizing that solving go-to-market (1-415) 315-5919

problems with AI is a more complex problem than, for example, some AI arti.vula@jpmchase.com

customer service use cases. ZoomInfo indicates that customers are working Jaiden R Patel

through these dynamics and will eventually resume moving forward on their (1-212) 270-6953

decision-making at a more regular pace, with expectations that the majority of jaiden.patel@jpmchase.com

customers could reach that point “towards the end of Q4.” Brian Hyska

(1-212) 622-2883

• Accelerated Pivot to Lead with Data; Faster Shift Away from Seats to a brian.hyska@jpmchase.com

PLG-Led Downmarket. ZoomInfo is deliberately shrinking its lower-margin J.P. Morgan Securities LLC

downmarket business, which could fall to 15% of total ACV over time, while

shifting resources toward its higher-value upmarket and product-led channels.

The 80/20 upmarket/downmarket mix previously contemplated for end-2027

is now potentially achievable by end-2026 or early-2027, as downmarket