Research Reports

Prepared Highlights

Q1 2025 GAAP revenue of $306 million and adjusted operating income of $101 million (33% margin), both above high end of guidance (prepared).
Upmarket (customers with >$100K ACV) grew 3% year-over-year and now represents 71% of business; upmarket cohort had 1,868 customers, a sequential increase of 1 and YoY increase of 108 (CEO).
Net revenue retention rounded to 87% for the second consecutive quarter (CEO, CFO).
Down-market declined 10% year-over-year; upmarket mix shifted from 70% to 71% (CFO).
Operations business growing double-digits; data-as-a-service new logos up 24% YoY and average ACV per customer up ~10% YoY (CFO).
Q1 operating cash flow of $119 million; unlevered free cash flow of $125 million (41% margin) (CFO).
Remaining performance obligations (RPO) of $1.13 billion, with $837 million expected in next 12 months; unearned revenue of $484 million (CFO).
Q1 share repurchases: 8.6 million shares at avg price $11.05 for $95 million; post-Q1 repurchased ~$50 million more at avg price $8.27 (CFO).
Ended Q1 with $143 million cash, $1.24 billion gross debt; net leverage 2.5x trailing 12-month adjusted EBITDA (CFO).

Official Guidance

Q2 2025: GAAP revenue $295M–$298M; adjusted operating income $101M–$104M; non-GAAP net income $0.22–$0.24 per share (CFO).
Full Year 2025: GAAP revenue $1.195B–$1.205B (negative 1.2% annual growth at midpoint); adjusted operating income $426M–$436M (36% margin at midpoint); non-GAAP net income $0.96–$0.98 per share (based on 352M diluted shares); unlevered free cash flow $420M–$440M (CFO).

Mgmt Quotes

"We delivered another consecutive quarter of better-than-expected financial results, continued momentum upmarket, and improved net retention." (CEO)
"Much like Workday is synonymous with enterprise HR and ServiceNow for enterprise IT, ZoomInfo will be synonymous with enterprise go-to-market." (CEO)
"Our shift upmarket continued on the right path during the quarter... we drove better-than-expected performance upmarket, which grew 3% year-over-year and now represents 71% of our business." (CEO)
"We are being very intentional with the down-market portion of our business, as we continue to move our business up-market and develop solutions that are defining the future of go-to-market." (CEO)
"We have not seen any impact to customer behavior in the current environment, we are including an incremental layer of caution in our guidance, raising the low-end of our full year revenue guidance and reiterating our AOI and cash flow guidance." (CFO)

Prepared Metrics

Metric	Value	Speaker/Context
GAAP Revenue (Q1 2025)	$306M	Prepared
Adjusted Operating Income (Q1 2025)	$101M (33% margin)	Prepared
Upmarket Growth (YoY)	3%	CEO
Upmarket Mix	71% of business	CEO
Customers >$100K ACV	1,868	CEO
Net Revenue Retention	87%	CEO, CFO
Down-Market Decline (YoY)	10%	CFO
Operating Cash Flow (Q1)	$119M	CFO
Unlevered Free Cash Flow (Q1)	$125M (41% margin)	CFO
RPO	$1.13B	CFO
RPO (next 12 months)	$837M	CFO
Unearned Revenue	$484M	CFO
Q1 Share Repurchases	8.6M shares at $11.05 avg ($95M)	CFO
Post-Q1 Repurchases (Q2)	~$50M at $8.27 avg (~7M shares)	CFO
Cash & Investments (end Q1)	$143M	CFO
Gross Debt	$1.24B	CFO
Net Leverage Ratio	2.5x trailing 12-month adj. EBITDA	CFO

Q&A Batch (6-10 of 16)

Q6 — Kash Rangan

Topic: 向上市场迁移的成本与利润权衡，以及新预算来源
Key points:
- 向下市场推进数字自助服务，微SMB已无需销售辅助，资源重新分配至上市场。
- 上市场业务利润率显著高于下市场，迁移可提升整体利润率。
- 新产品Go-To-Market Studio可吸引RevOps、SalesOps及销售领导；Copilot的使用率已与SDR勘探用例持平，扩展至AE/AM/CSM。
Mgmt stance: 看涨——上市场利润更高，且通过产品扩展可触及更广泛的客户团队。

Q7 — Brad Zelnick

Topic: Intuit合作关系范围；上/下市场增长前景与指引保守性
Key points:
- Intuit合作不限于企业版，涵盖中市场，未来可扩展至数据管理；企业客户整体渗透率仍低，无需求天花板。
- Q1上市场增长3%，目标2025年中个位数；下市场可能更早受宏观恶化影响，指引已为此留出空间，不依赖下市场贡献。
Mgmt stance: 上市场看涨（低渗透+持续增长）；下市场谨慎（先行反应宏观风险）。

Q8 — Jackson Ader

Topic: 上市场增长驱动因素（新座位 vs 现有扩展）；当前预订增长何时转正
Key points:
- 上市场增长来自混合来源：运营产品（非座位模式）双位数增长，以及通过Copilot扩展至AE/AM/CSM现有座位（无需新招聘）。
- 当前预订增长率从负值升至Q1的0%，预计Q2起因对比基数变化（去年引入新风险模型）有望转正。
Mgmt stance: 中性偏积极——销售招聘非顺风，但预订轨迹改善。

Q9 — Brent Bracelin

Topic: 下市场收缩幅度与持续时间；资本

Q&A Batch (11-15 of 16)

Q11 — Michael Turrin

Topic: Guidance methodology and incremental conservatism
Key points:
- Guidance process unchanged for revenue, profitability, cash flow, adjusted EPS; final step added "incremental amount of caution" due to unique environment.
- Expect mid-single-digit upmarket growth, decline in down-market growth trajectory, and consistent margins.
Mgmt stance: Neutral – guidance methodology unchanged but conservatism layered in without specifying exact inputs.

Q12 — Brian Peterson

Topic: Seat penetration and role expansion for 2025
Key points:
- Enterprise seat penetration: "maybe high single-digits, low double-digits."
- Account executive/manager workforce represents "three times the seat opportunity" as SDRs/top-of-funnel sellers; solution via Copilot.
- Rev Ops, sales ops, and sales leadership targeted with GTM Studio; customers "incredibly excited" about the platform.
Mgmt stance: Bullish – sees large untapped seat opportunity and strong customer excitement for new roles.

Q13 — Austin Cole (on for Patrick Walravens)

Topic: Genesis of Go-To-Market Studio and Copilot integration
Key points:
- Realization: perfect personalized emails/insights don't generate revenue unless frontline sellers take action.
- Customers reported pulling in intent and website visitors but not seeing exponential revenue growth.
- GTM Studio + Copilot connects frontline sellers via Slack, Teams, email, text messages for quick action on audiences.
Mgmt stance: Bullish – believes marrying frontline execution with personalized insights can "really move the needle."

Q14 — Surinder Thind

Topic: Pipeline mix and net revenue retention drivers
Key points:
- Net revenue retention viewed as "primary driver of stabilization and return to reacceleration of revenue."
- New business pipeline more segmented: down-market scored for PLG digital motion vs. sales rep; upmarket AE base specialized for longer sales cycles.
- Improvement in retention is "key driver in getting back to our growth goals."
Mgmt stance: Bullish – more prescriptive customer acquisition engine starting to show improving retention outcomes.

Q15 — Rishi Jaluria

Topic: Q2 revenue guidance assumptions and conservatism
Key points:
- Q1 saw "above 1% day’s adjusted sequential growth"; Q2 guide calls for "negative 4% days adjusted sequential growth."
- Q1 driven by great Q4 sales performance, better cash collection and write-off outcomes.
- Incremental caution baked into both full-year and quarterly guides; magnitude bigger for full year.
Mgmt stance: Neutral – conservatism layered in, with seasonality in upmarket opportunity (more in Q2 and Q4).

Q&A Batch (16-16 of 16)

Q16 — Allan Verkhovski

Topic: Software vertical retention trends and impact on total revenue growth
Key points:
- Software vertical retention improved sequentially for the fourth consecutive quarter.
- This vertical was a major contributor to growth deceleration starting in 2022, driven by down-sell pressure (logos retained but at lower annual spends).
- Down-sell pressure has eased, and the vertical is now moving toward an upsell opportunity phase.
Mgmt stance: Bullish — retention improvement over four quarters signals the vertical is shifting from impairing aggregate growth to contributing back to it.