ZoomInfo Technologies (ZI) Raymond James & Associates’ 46th Annual Institutional Investors Conference 2025 summary

Financial performance and growth trends

• Q4 marked an inflection point with sequential net revenue retention improving from 85% to 87% and 1.8% sequential revenue growth.

• Upmarket segment now represents 70% of revenue, growing 2% in 2024, while downmarket declined 9%.

• Guidance for 2025 expects mid-single-digit growth in upmarket and further downmarket contraction.

• Margins guided at 36% for the year, with a focus on improving to high 30s or low 40s as upmarket mix increases.

• Cash flow remains strong, with $430 million unlevered free cash flow expected and aggressive share buybacks planned.

Product innovation and AI strategy

• Copilot, launched nine months ago, reached $150 million in ACV and delivers significant productivity gains for users.

• Operations product grew 27% year over year in Q4, driven by demand for high-quality third-party data.

• Copilot migration yields double-digit per-seat pricing uplift and is expected to improve retention as cohorts reach renewal.

• AI investments focus on both customer-facing products and internal productivity, including R&D and finance automation.

• Data advantage is built on a contributory network and advanced data science for quality and relevance.

Market segmentation and competitive landscape

• Upmarket focus is driving resource allocation, with retention and new business targeted for growth.

• Downmarket strategy emphasizes efficient acquisition and retention, especially at the higher end.

• Competition is most intense at the lower end of downmarket, where price sensitivity is higher; upmarket faces less competition and is more quality-driven.

• Winbacks remain at record levels, indicating strong competitive positioning.