줌인포(GTM) 2026년 3분기 실적 발표: 매출 3% 감소, 가이던스 상향

핵심 요약

• 줌인포(ZoomInfo, GTM)는 2026년 3분기 GAAP 매출이 전년 동기 대비 3% 감소한 3억 900만 달러를 기록했다고 발표했습니다. 조정 영업이익은 1% 증가한 1억 1,900만 달러를 기록했으며, 영업이익률은 1.5%포인트 상승한 39%를 기록했습니다.
• 순매출 유지율(NRR)은 소프트웨어 부문에서 추가 판매(업셀) 건수가 줄어들고 규모도 축소되면서 종전 89%에서 88%로 하락했습니다. 고급 시장(Upmarket)의 연간 계약 가치(ACV)는 전년 동기 대비 보합을 나타낸 반면, 하위 시장(Downmarket) ACV는 14% 감소했습니다.
• 10,000곳 이상의 고객사가 MCP 서버, 명령줄 인터페이스(CLI), 최신 API 등 새로운 인터페이스를 통해 줌인포 데이터에 접근했습니다. 이들 채널을 통한 소비량은 전분기 대비 2배 증가했으나, 대부분의 사용량은 기존에 구매한 크레딧을 차감하는 방식이었습니다.
• 현재 고급 시장 고객이 전체 ACV의 77%를 차지하고 있습니다. 연간 최소 10만 달러 이상을 지출하는 고객의 ACV는 4% 증가했으며, 100만 달러 이상 지출 고객 수와 해당 고객군이 차지하는 ACV 모두 역대 최고치를 기록했습니다.
• 경영진은 2026년 전체 매출 가이던스를 12억 2,350만~12억 2,650만 달러로, 조정 영업이익 가이던스를 4억 5,200만~4억 5,500만 달러로 상향 조정했습니다.
• 경영진은 GTM1 플랫폼 출시 계획, 데이터 소비 증가, 2026년 첫 9개월 동안 복귀 고객의 10% 이상 증가를 근거로 줌인포가 성장 역풍의 저점에 가까워지고 있다고 판단한다고 밝혔습니다.

주요 재무 데이터

사업 및 영업 실적

영업 환경은 특히 줌인포 매출의 약 30%(2021년 45% 대비 감소)를 차지하는 소프트웨어 부문에서 계속 어려움을 겪었습니다. 경영진은 구매 결정 집단의 규모 확대, 벤더 검증 강화, 영업 주기 장기화가 신규 계약 및 추가 판매에 지속적으로 부담을 주었다고 설명했습니다.

대형 고객사, 특히 금융, 보험, 부동산, 제조업 부문에서 상대적으로 우수한 실적을 나타냈습니다. 연간 계약 가치가 최소 10만 달러 이상인 고객의 ACV는 전년 동기 대비 4% 증가했으나, 해당 고객 수는 2% 감소했습니다. 운영(Operations) 관련 ACV는 두 자릿수 성장세를 이어갔습니다.

줌인포는 이번 분기 말에 GTM1을 출시할 계획입니다. 이 플랫폼은 영업, 마케팅, 운영 및 AI 에이전트를 단일 데이터 및 컨텍스트 레이어로 통합하도록 설계되었습니다. 또한 고정 약정과 데이터 및 AI 소비 크레딧을 결합한 하이브리드 요금제를 도입하여 계정(Seat) 기반 요금제에 대한 의존도를 낮추고 있습니다.

새로운 인터페이스를 통한 소비량은 전분기 대비 2배로 증가했습니다. 그러나 경영진은 고객들이 이미 구매한 크레딧을 사용하는 경우가 많아 이러한 활동이 단기 매출에 미치는 영향은 현재 제한적이라고 조언했습니다. 추가 매출은 고객이 기존 용량을 소진하거나 계약을 확장하거나 소비 기반 요금제로 전환함에 따라 발생할 것으로 예상됩니다.

아울러 줌인포는 클릭업(ClickUp) 및 n8n과의 기본 연동을 추가했으며, 세일즈포스(Salesforce)의 아웃바운드 영업 에이전트인 헌터(Hunter)의 플래그십 데이터 파트너가 되었습니다. 또한 00.ai 및 워크바운스(WorkBounce) 인수를 통해 협력형 에이전트 팀 기능과 정형 및 비정형 고객 데이터를 결합하기 위한 시맨틱 지식 레이어를 확보했습니다.

3분기 동안 줌인포는 평균 주가 2.94달러에 총 750만 달러 규모의 자사주 250만 주를 매입했습니다. 또한 3,500만 달러 규모의 선순위 채권을 3,100만 달러에 조기 상환하여 연간 현금 이자 비용을 100만 달러 이상 절감할 것으로 예상됩니다.

경영진 가이던스

중간값 기준으로 연간 매출 가이던스는 전년 대비 2% 감소한 수준이며, 조정 영업이익률은 약 37%에 달할 것으로 예상됩니다.

4분기 전망은 영업 환경이 기존과 동일하게 유지되고 영업 주기가 단축되지 않으며 요금제 전환 및 GTM1 출시로 인한 순이익 증대가 없다고 가정합니다. 경영진은 이들 영역 중 어느 하나라도 개선될 경우 가이던스 상향 요인으로 작용할 것이라고 언급했습니다.

위험 요인 및 관전 포인트

• 소프트웨어 섹터의 약세는 신규 계약, 추가 판매 및 순매출 유지율에 지속적으로 압박을 가하고 있습니다.
• 고급 시장 고객층 중 하위 진입 고객군이 추가 구매에서 가장 큰 역풍을 맞고 있습니다.
• 현재 사용량 증가의 대부분이 기존에 약정된 크레딧을 이용하는 형태이기 때문에 소비 증가가 즉각적인 매출로 연결되지 않을 수 있습니다.
• 단기 잔여이행의무(Current RPO)는 4% 감소했으며, 경영진은 이를 분기별 신규 예약 성장률보다 더 유의미한 지표라고 설명했습니다. 대체 거래 건수 감소와 조기 대형 갱신 건수 감소가 비교 결과에 영향을 미쳤습니다.
• 4분기는 줌인포의 영업 활동이 가장 활발한 분기로, 이에 따라 고급 및 하위 시장 ACV 결과의 변동성이 커질 수 있습니다.
• 2024년 증권 소송 관련 4,400만 달러 규모의 예정된 합의안은 아직 법원 승인 대기 중입니다. 줌인포는 방어 비용 및 합의금 책임을 위해 해당 보험 정책에 따라 2,500만 달러를 회수할 수 있을 것으로 예상합니다.

애널리스트 Q&A 주요 내용

하이브리드 요금제 및 고객 경제성: 경영진은 고객이 보다 고정적인 데이터 크레딧 계약과 가변적인 AI 크레딧 소비 중에서 선택할 수 있다고 밝혔습니다. 기존 계정(Seat)을 대량 데이터 크레딧으로 대체하는 일부 고객은 기존과 유사한 지출 수준에서 계약을 갱신하는 반면, 초기에는 낮은 수준에서 갱신하되 향후 소비 증가에 따른 확장 기회를 창출하는 고객도 있습니다.

GTM1 도입: 줌인포는 신규 및 기존 고객 모두에게 새로운 플랫폼과 요금제를 제공하기 위해 우선 소규모 팀을 투입했습니다. 이미 플랫폼을 사용 중인 수십 개 고객사의 긍정적인 초기 피드백을 바탕으로 적용 범위를 더욱 확대할 계획입니다.

소비 동인으로서의 AI 에이전트: 경영진은 고객들이 Grok, Vercel, Replit, n8n, Zapier 등의 도구를 통해 구축된 에이전트 및 워크플로우에 줌인포 데이터를 활용하고 있다고 밝혔습니다. 에이전트 팀 기능은 AI 및 데이터 크레딧 모두를 통해 수익화될 예정입니다.

경쟁력 위치: 경영진은 기업 고객의 수요가 데이터 품질, 다양성, 개인정보 보호, 보안 및 컴플라이언스(법규 준수) 덕분이라고 평가했습니다. 또한 이러한 요인은 저비용 AI 네이티브 대안을 검토하는 대형 고객에게 특히 중요하다고 덧붙였습니다.

부채 만기 구조: 줌인포는 2029년 2월 만기 예정인 5억 5,700만 달러의 선순위 채권, 2030년 2월 만기 예정인 5억 7,800만 달러의 1순위 담보 대출(First-lien Term Loan), 2028년 2월 만기인 회전 한도 대출 중 인출액 1억 달러를 보유하고 있습니다. 경영진은 만기 일정 및 회사의 현금 창출 능력에 대해 안정적으로 평가하고 있다고 밝혔습니다.

실적 발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. And I'd like to hand the conference over to your first speaker today, Jerry Szczeski. Please go ahead.

Jeremiah Sisitsky

Thank you. Welcome to Zoom Info's Q3 2026 Financial Results Conference Call. With me on the call today are Henry Schuck, founder and CEO, and Graham O'Brien, Chief Financial Officer. this call, any forward-looking statements are made pursuant to safe harbor provisions of U.S. securities laws. Expressions of future goals, including business outlook, expectations for future financial performance, and similar items, including, without limitation, expressions using the terminology may, will, expect, and will not. and believe, and expressions which reflect something other than historical facts are intended to identify forward-looking statements. Forward-looking statements involve a number of risks and uncertainties, including those discussed in the risk factors sections of our SEC filings. Actual results may differ materially from any forward-looking statements. Because undertakes no obligation to revise or update any forward-looking statements in order to reflect events that may arise after this conference call, except as required by law. For more information, please refer to the forward-looking statements in the slides posted to our Investor Relations website. at ir.zoominfo.com.

All metrics on this call are non-GAAP unless otherwise noted. A reconciliation can be found in the financial results press release or in the slides hosted to our IR website.

Henry Schuck

that, I'll turn the call over to Henry. Thank you, Jerry, and welcome everyone. We continue to operate the business efficiently and are encouraged by early feedback on our GTM1 platform and the consumption of our data and context across new surface areas. GAAP revenue was $309 million and adjusted operating income was $119 million, a margin of 39%, up one and a half points year over year. While we exceeded our guidance, we did not see improvement in the operating environment, particularly in software. Up market ACV was flat year over year and net revenue retention was 88%. We continue to see pressure in the software vertical, which is about 30% of our business, down from 45% since 2021.

As companies in that vertical manage through their own challenges, buying groups have gotten larger, vendor scrutiny has made sales cycles longer, and we see that in new business and upsells. With our largest customers, particularly those in finance, insurance, real estate, and manufacturing, we continue to perform well, ending the quarter with a record number of million-dollar customers and record ACV from that cohort. The divergence between the software vertical and our largest customers is reflected in our results. We have been working intentionally on initiatives to change that. First is GTM1, which launches this quarter and introduces the market to real multiplayer go-to-market AI, one platform where sales, marketing, and operations run on the same data and context with agents that work across all of it. With GTM One, our customers transition from buying seats or data files from us and instead buy a trusted, always-on, entity-resolved view of their market that they can put to work wherever their go-to-market work happens. that is in our application, in an AI agent, or in something they've built themselves. As more of that work moves to agents, the need for more accurate and governed data increases and is why our largest customers continue to expand with ZoomInfo.

The second is consumption. More than 10,000 customers have accessed our data and contacts through surfaces that did not exist at the beginning of the year. Our MCP server, our command line interface, and an updated API. Consumption across those surfaces doubled sequentially and is well on the way to becoming a meaningful contributor to financial results. Right now, most of that usage is customers drawing down capacity they have already bought from us. So today it shows up as utilization of credit they already hold rather than as new ACV. As customers use up what they've purchased and expand with us, and as we move more customers on to consumption pricing, the next increase in the amount of money they're going to be of usage comes with incremental revenue. We made progress across three areas of focus during the quarter.

First, we kept moving the business up market. More than three quarters of our ACV is now up market, a 14 point shift over the last three years. We have been intentional about this shift. We've moved sales resources to our more valuable customer relationships, and we lead down market with a digital motion that cost us less than it did a year ago. Second, in Q3, we introduced new hybrid pricing and packaging models geared to expand our non-seat mix. Since then, we have selectively introduced this to existing customers. While early, we've seen good results and received very positive feedback from the customer base.

We will continue to roll this out more broadly. Third, we delivered the second half product releases that we talked about in August. And each of them puts our data and context into more of the places where go-to-market work gets done. We launched native integrations with ClickUp and n8n, and were named a flagship data partner for Hunter, Salesforce's new outbound sales agent. Our acquisition of 00.ai introduced our agent team's functionality that coordinates teams of agents to run complete go-to-market plays within the controls customers set. Our acquisition of WorkBounce strengthened our go-to-market context graph, which now has a semantic knowledge layer, so structured and unstructured data from CRMs, emails, call transcripts, and other systems integrates with ZoomInfo data. We're unifying our platform together into GTM1, where the entire go-to-market organization, sales, marketing, operations, and agents runs on one ZoomInfo instance.

Two deals from the quarter highlight this. A Fortune 500 global industrial automation and aerospace conglomerate closed the Master Data Foundation project with us as part of its go-to-market AI program. Their AI initiatives stalled at the data layer with incomplete data stranded across legacy systems. Their sellers were already using Zoom info to prioritize accounts and act on buying signals, and we are now consolidating contact data from multiple CRM and marketing systems into a single trusted source for them. And a social media management platform signed a multi-year deal as a new customer with a combination of seats and data after comparing our data, functionality, and pricing across a broad competitive set. This transaction also reflects the success of our enterprise sales motion, closing larger, more comprehensive initial customer lands. We also closed upmarket opportunities with Tishman Speyer, one of the world's largest private real estate investment and development firms, Audacy, the US Audio Network, Garner Health, a data-driven health tech firm, and SurveyMonkey, the leading provider of survey and market research tools.

On capital allocation, during the quarter, we retired 35 million of senior notes for 31 million and repurchased 7.5 million of stock, with net leverage improving for the third consecutive quarter. The market is challenged, but the expansion and growth we see across our largest customers and the consumption growth we see across new surface areas gives us increased confidence in the durability of our data assets. What we are seeing from the early users of GTM1, and especially our field's excitement to bring it to market, gives us increased confidence in the opportunity in front of us. We fully expect to continue to deliver attractive free cashflow per share outcomes over time. I would lastly emphasize that we're running this company with a disciplined focus on long-term outcomes as we navigate near-term headwinds. That said, I believe we are approaching the trough of our growth headwinds, and I'm encouraged by the upside potential across several business drivers. that, I'll turn the call over to Graham. Thanks, Henry. Q3 GAAP revenue was $309 million, down 3% year over year, and above the high end of our guidance.

Adjusted operating income was $119 million, also above the high end of our guidance, and up 1% year over year, with a margin of 39%. In a seasonally slower cash conversion quarter, unlevered free cash flow was $87 million, with $21 million in interest paid in cash during the quarter. In addition to exceeding our guidance in Q3, we are also raising guidance for the full year. Upmarket ACV mix is now 77%, and upmarket ACV was flat year-over-year, down from 3% growth in the second quarter. Downmarket ACV declined 14% year-over-year in Q3. Operations ACV continued to grow double digits. Our sales resources are focused on the highest customer lifetime value up market relationships and Our shift upmarket over the last few years has resulted in a more resilient and healthier customer base.

In the down market, leading with a product-led growth motion is helping us execute with fewer sales and marketing resources compared to a year ago. The current environment has been consistent with prior quarters. The software vertical, which represents approximately 30% of our business, remains challenged. We are seeing longer sales cycles with larger buying groups requiring more buy-in for projects of all sizes, which is primarily impacting new business and upsells. While we are seeing encouraging consumption trends across our new surface areas, that consumption is often drawing down on pre-existing commitments, which may lead to a timing difference between credit consumption and financial results. ACV from customers with at least $100,000 in ACV increased 4% year-over-year, while logos in that cohort decreased 2% year-over-year. The quality of that cohort is improving as our largest customers increase their spend with us.

In Q3, we reached a record level of million-dollar customers and record ACV from that cohort. Net revenue retention was 88% in Q3, down from 89%. Gross retention improved sequentially in both the software and non-software verticals. The step-down in net retention is largely driven by fewer and smaller upsells, primarily in software. Year-to-date total restructuring charges for the program announced in May were $29 million, and we estimate total charges of approximately $33 million. In October, we entered into a memorandum of understanding to settle our 2024 securities litigation, Pending approval by the court, we expect a payment of $44 million, and we are entitled to recover $25 million related to legal and litigation defense costs, as well as the settlement liability under applicable insurance policies. Turning to cash, GAAP operating cash flow was $47 million in Q3.

Unlevered free cash flow for the quarter was $87 million, 73% conversion from adjusted operating income, and a margin of 28%. GAAP stock-based compensation expense was $31 million, or 10% of revenue. We continue to be mindful of the mix of cash compensation and equity, and we are leaning into more performance-based equity, ensuring at-risk compensation is tied to achieving financial objectives. In the quarter, we repurchased 2.5 million shares of stock at an average price of $2.94 per share, for a total of $7.5 million. We retired $35 million in aggregate principal of our senior notes for $31 million, which reduces future cash interest payments by more than $1 million per year. We expect to be investing across the capital structure when opportunities present themselves. Weighted average diluted shares outstanding for the quarter used in calculating non-GAAP diluted earnings per share was 317 million, and the non-GAAP share count exiting Q3 2026 was 319 million.

We ended the quarter with $142 million in cash, cash equivalents and investments, and we carried $1.2 billion in gross debt. Our total net leverage ratio is 2.2 times trailing 12 months adjusted EBITDA and 2.2 times trailing 12 months cash EBITDA, which is defined as consolidated EBITDA in our credit agreements, compared with 2.3 times as of Q2, the third consecutive quarter of improved leverage. The aggregate remaining balance of $557 million in senior notes mature in 2029, and the $578 million first lien term loan matures in 2030. The $100 million balance under the first lien revolver is due in 2028. We believe we have sufficient liquidity and cash generation, and we are comfortable with our current maturity profile. With respect to liabilities and future performance obligations, unearned revenue at the end of the quarter was $421 million and remaining performance obligations or RPO were $1.1 billion, of which $793 million are expected to be recognized in the next 12 months. Shifting to guidance, for the fourth quarter, we expect GAAP revenue in the range of $294 to $297 million, adjusted operating income in the range of $113 to $116 million, and non-GAAP net income in the range of $28.5 to $29.5 cents per share.

Our fourth quarter guidance assumes the environment remains consistent, that sales cycles do not shorten, and the pricing transition and GTM-1 rollout contribute no net benefit. Any improvement in those factors will be upside to the range. For the full year 2026, we are raising our guidance, and we now expect GAAP revenue in the range of $1.2235 to $1.2265 billion, representing a 2% year-over-year decline at the midpoint of guidance. adjusted operating income in the range of $452 to $455 million, representing a 37% margin at the midpoint of guidance, We expect non-GAAP net income in the range of $1.12 and a half to $1.13 and a half per share, based on 318 million weighted average diluted shares outstanding. and we expect unlevered free cash flow in the range of $405 to $425 million. Similar to last quarter, we have rolled the third quarter overperformance into the full year range and otherwise held our approach to guidance unchanged. Now, I will turn it over to the operator to open the call for questions.

Operator

Thank you very much. At this time we will conduct the question and answer session. As a reminder, to ask a question, you will need to press star 1 1 on your telephone and wait for the name to be announced. To withdraw your question, please press star 1 1 again. Please stand by while we compile the Q&A roster. Our first call comes from the line of Jaden Patel at JPMorgan. Jaden, your line is open.

질의응답

Jaiden Patel

Hey, thanks for taking the question. Net retention slipped a point to 88% and upmarket ACV growth went from positive 3% to flat. Though you mentioned that the 1 million plus cohort is the strongest it's ever been. Can you talk a little bit about what's happening maybe in the middle of the upmarket base, maybe outside of the software vertical?.

Henry Schuck

follow up. Yes, the lower end of our upmarket business is we're seeing the kind of the greatest headwinds and that's showing up in incremental purchasing. So new business and upsell that upsell deficit is what is really driving the sequential decline in that overall retention number. The growth retention in the upmarket business is holding in very well in actually improving in software and continuing to hold in well across our non-software verticals.

Jaiden Patel

Got it. Okay. Thank you. And then, you know, SurveyMonkey was an interesting upmarket deal. Can you maybe talk a little bit about what drives customers like them to ZoomInfo versus potentially cheaper AI native competitors?.

Henry Schuck

I think it's largely high quality data, a broad set of data, and then more today than ever context around that data that agents can manage on top of. I think one of the things that we've been seeing in the competitive market is there are a bunch of low-end, vibe-coded applications that do a pretty poor job of putting data together and then they come and go. In the last couple of weeks, I've seen numerous of these companies actually just completely close their businesses. And so trust is very important in the upmarket, our ability to deliver high-quality data, data with the privacy, security, and compliance that comes along with that is really important to our upmarket customers. And where a downmarket customer might be wooed by a vibe-coded alternative, the upmarket is smarter about their buying decisions and the buying cycles there, and they value high quality, data that comes with privacy guarantees and compliance and security that is unmatched. Great. Thank you.

Operator

One moment for our next question. Our next question comes from the line of Brad Zelnick of Deutsche Bank. Brad, your line is open.

Brad Zelnick

Awesome. Thank you guys so much for taking the question. You talked about the new hybrid pricing and packaging strategy. Can you walk us through the details, what it hopes to capture, what the upside and downside is for different types of customers, and just all the thinking and mechanics behind it? And related to that, maybe for Graham, as we think about backlog, RPO, CRPO, look to have deteriorated. And I'm curious, but I see your guide for cash flow in the full year still looks pretty healthy. Am I correlating the wrong things? Is there maybe any relationship to the new pricing? We'd love to hear any additional clarity that you can provide there as well. Thank you.

Henry Schuck

guys? Yes, I can start on the pricing approach and the modeling on that. You know, I think the idea here was that flexibility became paramount as we started building this and testing it internally and certainly with customers. You know, our stated goal from a few quarters ago was to move away from a seat-based model that doesn't necessarily mean that we're moving to a full consumption model. And what we found is we've been able to design not just the product and go-to-market align, but the actual pricing, packaging, provisioning of it in a way that can be flexible and meet the appetite of a customer that wants more of a fixed investment, while also being able to be packaged in a way that meets the customer that prefers a more variable arrangement. So what that means is that we're able to offer kind of fixed arrangements on the data credit consumption side, and then really make sure that we are doing a thoughtful job of sizing up the AI credit consumption purchase in a way that gives the customer a level of comfort in that first year on the new product. The, you know, throughout this process, it really came down to simplicity for the customer and then reducing barriers to consumption once they get into the product. And then on the RPO billing bookings front, you know, I say that the billings growth is pretty consistent with the revenue results and was in line with our expectations.

The current bookings is impacted by a few things. If you recall last year in this quarter, we had an upside result the other way in current bookings. I think that was like plus 18. It's really a story this year of fewer superseding deals, which can accelerate some of that RPO and bookings into a given period. Fewer larger early renewals, which can do the same thing. And then a little bit of nuance around how current bookings roll off in the final year of a long-term contract. with the organic decline. I think that the current RPO decrease of 4% is probably more telling than the current bookings growth in the quarter.

Brad Zelnick

Thank you so much for taking my questions. One moment for our next question.

Operator

Our next question comes from the line of Alan Borofsky of U.S. Bancorp. Your line is open.

Allan M. Verkhovski

Awesome. Hey guys, thanks for taking the question here. It's encouraging to hear that gross retention improved sequentially Henry can you unpack? What gives you confidence that you're approaching the trough of growth headwinds you mentioned at the end of your prepared remarks?.

Henry Schuck

I think it was a couple of things. One, we have not gotten benefit from or are building in any benefit from our new GTM One platform, which is by all measures the best technology and product we've ever built at ZoomInfo. We expect to launch that later this quarter. Our entire sales team is on it, and we have a couple dozen customers who are on it today that are big fans of the product and recognize its ability to bring data and context together in a unique way for agents and humans to operate across. So we have a lot of confidence about that new product. And then the next thing is on consumption. We've been focused on driving consumption across our customer base.

We now have over 10,000 users who are using our 10,000 customers using our new surface areas and consuming data on surface areas that didn't exist a year ago and consuming our data and our context at significantly higher rates than they had been in the past on our legacy platforms. We think that's a trend that's going to continue. And then we're seeing a lot of customers come back to us from even just a year ago. In the first three quarters of the year, the number of customers who left and came back is up more than 10% year over year. And I think what's happening is they're getting burned by promises from other providers in the space and they're coming to us in and at higher rates than than we've seen in the past. That's all great to hear. And I guess just a quick.

Allan M. Verkhovski

follow up for you, Graham. Do you mind just sharing what your expectations are for upmarket ACV? in Q4 and maybe some of the assumptions behind that?.

Unknown Speaker

Yes, Q4 is our largest sales activity quarter. So naturally, there's a little bit more variability there. We continue to assume a range of outcomes across upmarket and downmarket, where the growth rate of each could stay the same or get worse in the guidance. But overall, it's a consistent approach to guidance. Got it. Thank you guys. Appreciate it. One moment for our next question.

Operator

Our next question comes from the line of Billy Fitzsimmons of Piper Sandler. Billy, your line is open.

William Fitzsimmons

Hey guys, thanks for taking the question here. I guess with I imagine it is still very early with this new hybrid pricing model, but maybe for you, Henry, any initial takes or customer anecdotes you can share on how kind of the first wave of customers are utilizing the product and the new pricing and packaging and kind of similar to maybe the last two questions isn't the core question maybe for you Graham on kind of monetization is how How do we start to think about those customers when they move from seats to a hybrid model ultimately paying the same on a per dollar basis after they make that transition. Any early reads from the initial customers you can share would be helpful. Thank you, guys.

Henry Schuck

Sure, I think that the product strategy and the pricing and packaging strategy really follow what we anticipated would happen to software generally, but our business specifically, which is a lot of customers want to build their own front end application layers. They large engineering teams and they want to build custom workflow for their internal teams. And that workflow requires data and context and data from us and context that we're able to deliver by marrying an entity matching their data. And so we're seeing customers show up and say, listen, I'm going to build all of the front end application layer myself. And so we're seeing customers who show up and say, I'm going to build all of the front-end application layer in Replit or Vercel or in Claude, but I need your data and I need way more of it than I've ever needed before, but I don't need the seats. And so we made the data and the context super modular. They can take it anywhere they want.

We've built native integrations into a number of these systems so they can get it in the systems that they're already operating in. And so what you'll see with those customers is kind of two things. One, we can shift the seats into a larger space larger bulk credit consumption package. And so they get significantly more data and they're able to use that data in any of their own internal applications. We see some customers renew flat there. We see some customers who renewed down a bit, but put us in a position to drive consumption with them again over time. And so I think that's the big thing that we're seeing and the reason why we've evolved the product strategy and the pricing and packaging strategy around that.

Our data is still incredibly valuable into go-to-market workflows, but a number of our customers have their own want to build their own front end application layers. And we're happy to be the key component into that.

Operator

thank you very much one moment for our next question our next question comes from the line of matthew bullock of bank of america Matt your line's open.

Jacob Gideon

Hi, this is Jacob Gideon on for Matt. Could you just maybe talk about what customers you're targeting for the selective rollout of the new model? Is it all or only new customers, or are you targeting existing customers for the new model? And then, I guess, related to that, what verticals, specifically maybe across the 10,000 that are hitting the new surface areas are really kind of the strongest with this kind of ramping consumption approach to using the data. Thanks.

Henry Schuck

Yes. On the first question, it's both. We spent the first month of the quarter with a small tiger team, both on existing business and for new business, taking the new platform and the new pricing and packaging out to our customer base. So it is both. When we think about it, it's both. about the rest of the quarter, we anticipate being more aggressive with the customers we put our new platform and new pricing and packaging in front of. I think the goal there is customers know ZoomInfo in one way, and they think of us as data, and particularly companies contact data. And we've spent the last two years really rebuilding our platform to be agent first. And we've built everything from the ground up, which allows us to iterate and innovate much faster than before. And so the thing that we hear most often when we show up to the customers is like, okay, wow, I didn't think of ZoomInfo this way. did all of these things.

I was looking at this other provider, but now I know that you guys can do this already, and I want to try that out with you." And so we're getting a lot of positive feedback in that direction, and we want to really press the gas on having this new platform in front of as many of our customers as possible. so we'll be pretty aggressive around the rollout, around the customers who are... consuming across our new surface areas. Actually, the industries are pretty diverse. So there isn't like one specific industry or type of company that's using it the most. What I would tell you is the highest consumption comes from go-to-market builders, those who are in sales ops, rev ops, marketing ops, go-to-market engineers, people on the business intelligence or engineering side of their companies are the largest consumers of our data through those new surface areas. got it thank you appreciate it.

Operator

Thank you. Our next question comes from the line of Jackson Ader of KeyBank Capital Markets. Jackson, your line is open.

Nathaniel Van Ruoss

Great. Hey guys, this is Nate Rose on for Jackson Adder. Thanks for taking our questions. So I know it's a new product, but how should we think about the commercialization of agent teams since it doesn't require a separate SKU and it's embedded inside a studio? And then what are the adoption proof points we should be looking at going forward?.

Henry Schuck

The agent teams will monetize through both AI credits and data credits. And so the same sort of pricing and packaging where a customer buys consumption credits, both AI and data credits will run through agent teams. And so those end up being the metrics consumption across both of those vectors. Those end up being the metrics.

Nathaniel Van Ruoss

Okay, yes, super helpful. And then I'm curious about AI agents accessing Zoom info data. Are you guys seeing a ramp of this activity? Yes. Could this possibly create an inflection for the consumption element as part of the hybrid model?.

Henry Schuck

And I think that is what we're seeing in the doubling of consumption quarter over quarter on those new surface areas. And particularly across the customers who are using the most credits, what they're building are agents that go out and find net new buyers and build into a key go-to-market workflow on a repeatable basis. And so like if today you built a Grok bot, you could plug ZoomInfo into the Grok bot and it'll search across ZoomInfo data and bring your context and your data together within the Grok bot. Or the same thing applies to... a Vercel application you build, a Replit application you build, a workflow that you build in N8n or Zapier where we've built native integrations. And so in all of those places where ZoomInfo data now exists natively through our MCP and our APIs, when you build an ongoing workflow that an agent runs for you, it pulls ZoomInfo data on a regular basis or in a dynamic way.

Operator

Thanks, guys. Thank you very much. Our next call comes from the line of Patrick Walravens of Citizens. Patrick, your line is open.

Patrick Walravens

Oh, great. This is Kincaid on for Pat. Thanks for taking the question. Graham, could you just walk us again through the components of the debt when it matures, if the part that matures in 2028 must be addressed in 2027 and what the overall plan is to reduce debt load?.

Unknown Speaker

Sure. We've got our senior notes that mature in February, 2029. got our first lien term loan that matures in February 2030. And then we have a revolver where we've drawn 100 million and that matures in February 2028. On the senior notes, there's about 557 million outstanding and on the first lien, 578 million million dollars outstanding. We continue to generate significant cash flow and are really comfortable with the ability to continue to do that and to deploy that capital in attractive ways ahead of those maturities. All right. Thank you so much. Thank you.

Operator

This concludes our question and answer session. Thank you for participating in today's conference. This does conclude the program, and you may now disconnect.

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