Research Reports

Prepared Highlights

Q1 2026 revenue $310M, up 1.5% YoY, above high end of guidance (CEO, CFO)
Q1 adjusted operating income (AOI) $110M, margin 35%, above high end of guidance (CEO, CFO)
Unlevered free cash flow Q1 $120M, 109% conversion from AOI, margin 39% (CFO)
Operations (non-seat-based/Data-as-a-Service) ACV grew >20% YoY, now ~20% of business (CEO, CFO)
Upmarket ACV grew 5% YoY; downmarket ACV declined 11% YoY; upmarket now 75% of business (CFO)
Net revenue retention (NRR) 90% for third consecutive quarter (CFO)
Remaining performance obligations (RPO) $1.18B; $861M expected in next 12 months (CFO)
Unearned revenue $479M at quarter end (CFO)
Board authorized $1B incremental share repurchase; $90M shares repurchased in Q1 at avg $6.91 (CEO, CFO)
20% employee reduction (~600 people), including closing Israel facilities; restructuring cost $45M-$60M, mostly cash (CFO)
Expect ~$60M annual run-rate OpEx reduction; restructuring largely complete by Q1 2027 (CFO)

Official Guidance

Q2 2026: Revenue $300M–$303M; AOI $103M–$106M; non-GAAP EPS $0.26–$0.28 (CFO)
FY 2026: Revenue $1.185B–$1.205B (midpoint ~4% YoY decline); AOI $437M–$447M (37% margin at midpoint, +130bps YoY); non-GAAP EPS $1.10–$1.12; unlevered FCF $400M–$420M (CFO)

Mgmt Quotes

"We started 2026 by delivering revenue and adjusted operating income above the high end of our Q1 guidance." (CEO)
"AI has structurally changed how software is built, bought and used... our traditional seats tied to application model will come under pressure, while at the same time, our opportunity to tie into the growth slip stream... expands." (CEO)
"Our strategy is to make ZoomInfo's go-to-market data ubiquitous, available wherever go-to-market work gets done, including ChatGPT, Claude, Perplexity, Microsoft Copilot, Google Gemini and internally built applications." (CEO)
"This was hard because of the impact on a large number of our teammates... change is necessary and a positive decision for the future of ZoomInfo." (CEO)
"We believe the actions and initiatives announced today will set us up to run rate at least $1.25 of adjusted levered free cash flow per share as we enter 2027." (CFO)

Prepared Metrics

Metric	Value	Speaker/Context
Q1 GAAP Revenue	$310M	Q1 2026, +1.5% YoY (CFO)
Q1 Adjusted Operating Income	$110M	35% margin (CFO)
Q1 Unlevered Free Cash Flow	$120M	39% margin, 109% AOI conversion (CFO)
Upmarket ACV Growth (Q1)	5% YoY	vs 6% in Q4, 3% YoY in prior year Q1 (CFO)
Downmarket ACV Decline (Q1)	-11% YoY	vs -10% in Q4 and prior year Q1 (CFO)
Net Revenue Retention (Q1)	90%	Third consecutive quarter (CFO)
Remaining Performance Obligations	$1.18B	$861M recognized in next 12 months (CFO)
Unearned Revenue	$479M	End of Q1 (CFO)
Net Leverage Ratio (adjusted EBITDA)	2.4x	Trailing 12 months (CFO)
Stock-Based Compensation	$25.5M	8% of revenue, -14% YoY (CFO)

Q&A Batch (1-5 of 15)

Q1 — Mark Murphy

Topic: 软件垂直行业与传统行业需求差异及AI转型影响
Key points:
- 软件行业客户留存率连续近2年环比改善，但Q1持平，成为指引修订的重要数据点。
- 金融、保险、房地产、制造、电信等传统行业Q1表现稳健，增长前景良好。
- 最成熟的AI原生客户正从席位许可转向通过MCP/API消耗数据，支出显著增加；而仅做快速AI项目的客户尚未意识到这一转变。
Mgmt stance: 中性偏积极——管理层认为AI转型带来消费模式变化，公司正通过灵活定价包装抓住机会，但承认存在“AI困惑期”。

Q2 — Taylor McGinnis

Topic: 大客户动态（>10万美元交易）及新定价模型过渡
Key points:
- Q1 >10万美元客户群中，新签客户数同比改善，降级退出显著减少，流失率持平且较低；但增购升级（upsell）同比大幅下降，反映季度末增量购买疲软。
- CRPO同比增长3%，符合Q1放缓预期。
- 新定价模型测试显示：部分客户价格持平，部分上升或下降，取决于数据消耗量；低端市场取消平台费和最低消费，高端市场简化定价，预计整体净中性偏正面。
Mgmt stance: 中性——管理层对定价模型过渡持“净中性”预期，但承认存在客户价格波动，且大客户增购疲软是短期挑战。

Q3 — Lucas Cerisola

Topic: Q2是否为增长低谷、下半年恢复条件及利润率展望
Key points:
- 公司指引Q2收入同比下滑，预计经历几个季度负增长后，2027年下半年恢复正增长。
- 大部分削减是主动的、针对低端市场，旨在加速向消费模式转型；客户在Go-to-Market Studio和MCP应用中的数据消耗显著高于非使用客户。
- 利润率展望：恢复增长后，目标成为40%利润率公司（此前35%）；成本结构：服务成本13%-14%，销售与营销27%并有望降至25%，研发10%并有望降低，G&A 10%并有望降低。
Mgmt stance: 谨慎偏积极——管理层主动调整结构，认为转型将带来更高效增长，但Q2为低谷，利润率改善需待增长恢复。

Q4 — Brad Zelnick

Topic: 指引修订的驱动因素、消费模式收入确认及数据资产优势
Key points:
- 指引修订全面反映：低端市场重组、从席位转向消费定价、软件垂直疲软及宏观保守假设；Q2及全年指引比Q1更谨慎。
- 消费模式收入确认：预承诺消费需假设损耗率并预测使用模式，可能引入季度间波动，已纳入指引。
- 数据资产过去被SaaS应用束缚，现通过API和MCP灵活交付；过去12个月客户更倾向数据可在多种界面使用，公司已重建数据基础设施。
Mgmt stance: 谨慎——管理层对指引采取“全面修订”的保守态度，但对数据资产质量和灵活性转型有信心，认为能更好应对市场变化。

Q5 — Aleksandr Zukin

Topic: 增长驱动因素拆分（软件疲软、低端市场重组、消费转型）及AI原生客户案例
Key points:
- 指引中最大部分来自低端市场主动削减（科学量化资源减少带来的ACV逆风）；定价转型是明年更大故事，存在低起点和upsell时机的不确定性。
- 运营业务（Operations）占ACV约20%，同比增长20%，是利润率最高部分，直接关联客户构建内部AI应用的数据需求。
- AI原生客户（如Sierra等）不依赖席位扩张，而是大量消耗数据用于自建收入工作流；这些交易更重数据消费、更轻席位，公司认为这是巨大机会。
Mgmt stance: 积极——管理层认为当前是“撕掉创可贴”加速转型的时机，对数据资产在AI工作流中的独特定位和运营业务增长充满信心，但指引保持超级保守。

Q&A Batch (6-10 of 15)

Q6 — Raimo Lenschow

Topic: 软件行业销售能力变化及对guidance的影响
Key points:
- 软件公司正在同时减少销售能力和构建AI前端，ZoomInfo看到这一趋势向保险、金融服务等行业扩展的潜力。
- 公司通过更灵活的定价（转移座位价格至数据消费）来捕捉机会，其API和MCPs使客户能将数据用于所有GTM工作流。
- Guidance修订主要源于对多个不确定性（包括软件行业变化）的谨慎假设，以最小化再次负面修订的风险，修订集中在利润率最差的低端市场业务。
Mgmt stance: 中性；强调适应客户需求并准备迎接跨行业机会，但为降低风险而下调guidance。

Q7 — Allan M. Verkhovski

Topic: 大客户对消费模型的反馈及软件/非软件ACV表现
Key points:
- 运营业务是增长最快（同比增长超过20%）的规模化业务，大客户对数据访问模型（非座位模式）不排斥，且表现出更好的总留存率和净留存率（客户初始进入后持续增购）。
- 第一季度软件部分（upmarket内）环比略有下滑，这构成了对upmarket和低端市场的拖累。
- 在10万美元以上ACV客户群体中，流失主要来自缺乏增量购买（于Q3末开始的暂停），软件公司是主要焦点。
Mgmt stance: 谨慎；软件部分的下滑拖累了业绩，但运营业务（数据消费模型）表现强劲。

Q8 — William Fitzsimmons

Topic: 下半年guidance构成及R&D调整
Key points:
- Guidance下调的构成：略多于1/4来自低端市场重组（削减低效销售资源）；略低于1/4来自对软件的更谨慎假设；略低于1/4来自消费模式转变带来的定价和收入确认波动；其余为额外保守因素。
- 研发效率提升：工程师借助编码代理交付软件速度是历史水平的多倍（如过去MCPs和集成只需1周而非8周）；减少对前端开发人员的需求，重心转向数据基础设施。
Mgmt stance: 中性；对模型转变持谨慎态度（存在收入确认时序不确定性），但通过内部AI使用和架构调整实现研发效率提升。

Q9 — Sitikantha Panigrahi

Topic: 裁员结构及NRR展望
Key points:
- 裁员600个岗位中，约一半（50%）来自研发（R&D），其余大部分（约40%）来自低端市场销售和营销（合计约占90%），另有约10%来自G&A。
- 净收入留存率（NRR）已连续三个季度维持在90%，向消费模型转移可能带来短期压力（guidance已反映），但预计随后将因消费模式优势而反弹。
Mgmt stance: 谨慎；承认NRR短期可能下降，但对其长期回升并通过消费模式实现增长“非常有信心”。

Q10 — David Hynes

Topic: 定价策略及恢复增长时间表
Key points:
- 在低端市场，公司通过去除平台费和座位最低要求、调整至消费模式来降低准入门槛，不制造人为障碍，以更好匹配客户价值。
- 预计营收将在2027年下半年之前最晚恢复持续正增长（季度环比），届时将有更健康的基础和几乎不受限制的消费TAM。
Mgmt stance: 谨慎；积极调整定价但增长时间表较远（2027年下半年），强调消费模式带来的上行潜力。

Q&A Batch (11-15 of 15)

Q11 — J. Lane

Topic: Platform fee transition timing and customer duration risk
Key points:
- New pricing (with prepackaged credits) to be led for new business in Q3, but existing customers can shift before renewal (not forced).
- For customers upgrading in Q1/Q2 or renewing after H2, shift is optional and focused on value and variable pricing.
- Operations business has significantly longer duration than other products; no headwind expected on multiyear duration willingness.
Mgmt stance: Bullish on flexibility — sees upside for both customer and company in moving to variable pricing.

Q12 — Nathaniel Van Ruoss

Topic: Studio/Workspace initial feedback & consumption model adoption
Key points:
- ~1/4 of customers now in trials of GTM Studio; many moving to paid customers.
- Studio enables use cases not possible in legacy ZoomInfo, with AI layered in to drive consumption.
- Consumption model: upfront fees translate into consumption data and AI credits; customers get guardrails on initial purchase size.
Mgmt stance: Bullish — strong early feedback, meaningful R&D investment, and customers comfortable with pre-committed consumption spend.

Q13 — Tyler Radke

Topic: Transition timeline, ACV/revenue growth inflection, margins & capital return
Key points:
- Plan: lead new business with non-seat-based model by end of Q3; target 50-50 seats vs. non-seats ACV in 12-18 months (currently 2/3 seats, 1/3 non-seats).
- Revenue growth on annual basis expected by back half of 2027, ~1 quarter after ACV growth returns.
- Long-term: committed to protecting and growing cash flow per share under any conditions.
Mgmt stance: Bullish on growth trajectory — confident in 2027 revenue growth, no clock set on transition end date.

Q14 — Brian Peterson

Topic: Operations business growth drivers and end-market mix
Key points:
- Most operations growth comes from existing customers (cross-sell or expansion), with net/gross retention best in company.
- Still significant logo white space, both from existing ZoomInfo logos and new operations customers.
- End market: less software-heavy than core offerings, heavily weighted to large enterprises across diverse verticals.
Mgmt stance: Neutral-positive — operations business is a reliable growth driver with strong retention and diverse customer base.

Q15 — Austin Cole

Topic: Copilot ACV update and macro/AI trends in April-May
Key points:
- Q1 was another solid quarter for Copilot; continues to increase as mix of total business.
- Future pricing will shift to prepackaged credits (away from seat-based), similar to the new model.
- April and early May trends similar to Q1 end — still in a “pause phase”, not getting worse.
Mgmt stance: Neutral-cautious on macro — Copilot performance is a bright spot, but macro uncertainty remains in a pause.