ZoomInfo（GTM）：杰富瑞软件会议要点

Surinder Thind, CFA * | Equity Analyst(415) 229-1515 | sthind@jefferies.comRebecca Zamsky * | Equity Associate+1 (332) 236-6855 | rzamsky@jefferies.com Company DescriptionZoomInfoZoomInfo provides businesses with a multiplatform operating system companies can use to consolidate operational processes across sales,marketing, and HR. ZoomInfo’s core underlying operating system, RevOS, is composed of four key solutions: SalesOS, MarketingOS, OperationsOS,and TalentOS. The company currently has over 33,000 customers across more than 100 countries.Company Valuation/RisksZoomInfoOur $15 price target is derived by applying a peer group premium EV/Rev multiple of 5.5x to our 2025 revenue estimate of $1,201M and discountingback by one year. Our choice of multiple reflects our assumption that the company's decelerating growth has troughed and will re-accelerate as themacro environment improves and tech budgets normalize. The primary risks to our price target and estimates are: (1) an economic downturn in theU.S., (2) a change in customer acquisition costs, (3) higher churn, (4) value destructive M&A, and (5) increased competition.Analyst Certification:I, Surinder Thind, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Rebecca Zamsky, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security price consistentlybelow $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform rated securities with anaverage security price consistently below $10, the expected total return (price appreciation plus yield) is minus 20% or less within a 12-month period.NR - The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicable regulations and/or Jefferiespolicies.CS - Coverage Suspended. Jefferies has suspended coverage of this company.NC - Not covered. Jefferies does not cover this company.Restricted - Describes issuers where, in conjunction with Jefferies engagement in certain transactions, company policy or applicable securities regulationsprohibit certain types of communications, including investment recommendations.Monitor - Describes securities whose company fundamentals and financials are being monitored, and for which no financial projections or opinions on theinvestment merits of the company are provided.Valuation MethodologyJefferies' methodology for assigning ratings may include the following: market capitalization, maturity, growth/value, volatility and expected total return over thenext 12 months. The price targets are based on several methodologies, which may include, but are not restricted to, analyses of market risk, growth rate, revenuePlease see important disclosure information on pages 2 - 7 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. June 2, 2025 2:57 A.M.June 2, 2025 2:57 A.M.2 stream, discounted cash flow (DCF), EBITDA, EPS, cash flow (CF), free cash flow (FCF), E