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©2025 RingCentral Voice of Y our Business 1
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©2025 RingCentral This presentation includes forward-looking statements within the meaning of the federal securities laws. These statements relate to, among other things, our business strategy and goals, growth of the market for our services, our future financial and operating results, including our GAAP and non-GAAP guidance, the assumptions underlying our guidance, plans to reduce expenses and share-based compensation, leverage targets, our plans to invest in innovation, and expected contributions and benefits from new products. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Actual results and trends in the future may differ materially from those suggested or implied by the forward-looking statements depending on a variety of factors including those that are described in greater detail in our most recent Form 10-K or Form 10-Q filed with the Securities and Exchange Commission, and in our other filings with the Securities and Exchange Commission from time to time. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. We undertake no obligation to update any forward-looking statements that may be made to reflect events or circumstances that occur, or that we become aware of, after the date of this presentation. In this presentation, we provide certain historical non-GAAP financial measures, which are reconciled to their directly comparable GAAP financial measures. These reconciliations are presented in the Appendix at the end of this presentation. We also provide other measures such as software subscriptions, annualized exit monthly recurring subscriptions (ARR), mid-market and enterprise ARR, and enterprise ARR. Safe Harbor and Non-GAAP Measures We provide guidance on forecasted non-GAAP operating margin, non-GAAP tax rates, non-GAAP EPS, and free cash flow and free cash flow margin. Reconciliations of our forecasted non-GAAP operating margin and free cash flow to the most directly comparable GAAP financial measure is presented in the Reconciliation slides at the end of this presentation. We have not reconciled our forecasted non-GAAP EPS to its respective forecasted GAAP measure because we do not provide guidance on it. We do not provide guidance on forecasted GAAP EPS because of the inherent uncertainty and complexity involved in forecasting the intercompany remeasurement gain (loss), gain (loss) associated with investments, gain (loss) on early debt conversions, and provision (benefit) from income taxes, which could be significant reconciling items between the non-GAAP and respective GAAP measures. The intercompany remeasurement gain (loss) is affected by the movement in various exchange rates relative to the U.S. Dollar, which is difficult to predict and subject to constant change. We do not provide guidance on gain (loss) associated with investments as it is based on future share prices, which are difficult to predict and subject to inherent uncertainties. We do not provide guidance on gain (loss) on debt early conversions as it is based on future conversion requests, future share prices, and interest rates, which are difficult to predict and are subject to inherent uncertainties. We do not provide guidance on forecasted GAAP tax rates as we do not forecast discrete tax items as they are difficult to predict. The provision (benefit) from income taxes, excluding discrete items, is expected to have an immaterial impact to our GAAP EPS. We utilized a projected long-term tax rate in our computation of the non-GAAP income tax provision. For fiscal 2025, we have determined the projected non-GAAP tax rate to be 22.5%. Accordingly, a reconciliation of the non-GAAP financial measure guidance to the corresponding GAAP measure is not available without unreasonable effort.
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3 ©2025 RingCentral 3 ©2025 RingCentral Global Leader in UCaaS #1 In UCaaS Revenue Market Share (1) $500M+ Annual Free Cash Flow (4) Quarterly record $5.75 2025 Free cash flow per share (5) $4.31 2025 Non-GAAP EPS (6) >99% Monthly net retention rate ~7K Employees (2) 500K+ Customers in 46 countries $2.6B ARR at 6% YoY $250M+ Committed to Innovation (3) Unless otherwise noted, company metrics as of Q3ʼ25. 1. Source: Synergy Research Group, UC Market Tracker, Q2 2025. 2. Includes FTEs and full time contractors. 3. Reflects non-GAAP research and development spend plus capitalized software for twelve months ending September 30, 2025. 4. Represents 2025E free cash flow (FCF) guidance as of Nov 3, 2025. FCF is a non-GAAP financial measure; see appendix for reconciliation to the most comparable GAAP metrics. 5. FCF per share (non-GAAP financial measure) is computed by dividing the mid-point of the FCF guidance ($525-$530M) by the mid point of the fully diluted share count range of 92M to 91.5M. 6. Reflects the mid-point of the guidance.
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4 ©2025 RingCentral 4 ©2025 RingCentral $639M Total Revenue $1.13 Non-GAAP EPS Q3 Financial Highlights Up 19% Y/YAt high end of guidance $130M Free Cash Flow 1.7x Q3ʼ25 Net Debt to Adj. EBITDA Up 23% Y/Y 22.8% Non-GAAP Operating Margin Above high end of guidance Lower leverage $1.41 Free Cash Flow per share Up 25% Y/Y
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5 ©2025 RingCentral 5 ©2025 RingCentral ~40% Source: Synergy Research Group UC Market Tracker, Q2 2025 This graphic was published by Gartner, Inc. as part of a larger research document and should be evaluated in the context of the entire document. The Gartner document is available upon request from RingCentral, Inc. Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartnerʼs® research organization and should not be construed as statements of fact. Gartner® disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. Business Communications Leader Leader in Gartner 2025 Magic Quadrant for UCaaS Worldwide #1 Market Share in UCaaS by Synergy based on revenue ~40% Source: Synergy Research Group UC Market Tracker, Q2 2025 This graphic was published by Gartner, Inc. as part of a larger research document and should be evaluated in the context of the entire document. The Gartner document is available upon request from RingCentral, Inc. Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartnerʼs® research organization and should not be construed as statements of fact. Gartner® disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. UPDATE AS PREVIOUS SLIDE Cisco8x8 Zoom Microsoft RingCentral
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Agentic Voice AI Business Communications Platform RingEX Business Phone, SMS RingCX Contact Center RingCollab Meetings, Events, Chat AI | Global | Reliable | Secure | Compliant | Scalable | Multi-Modal | Open AVA AI Virtual Assistant AIR AI Receptionist Connectors APIs 500+ Integrations RingWEM Workforce Engagement ACE AI Conversation Expert New
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7 ©2025 RingCentral 7 ©2025 RingCentral On track to achieve $100M+ ARR From new products Innovation by end of 2025 3,000+ Customers 5,800+ Customers $100M+ AI Receptionist (AIR) AI Virtual Intelligent (AVA) AI Conversation Expert (ACE) RingCX RingWEM RingCentral Events 2024 2025E ~$50MARR 2023
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8 ©2025 RingCentral 8 ©2025 RingCentral New Products Customer Growth AI Receptionist (AIR) AI voice agent that automatically answers customers inquiries and transfers calls RingCX AI-first contact center AI Conversation Expert (ACE) AI conversational insights (formerly RingSense) 3,000+ Customers 5,800+ Customers 500+ Customers 1,350+ Customers 1,200+ Customers 4,300+ Customers 85%+ QoQ Growth 150%+ YoY Growth 250%+ YoY Growth 2Q25* 3Q25 3Q24 3Q25 3Q24 3Q25 *Launched in 1Q25
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9 ©2025 RingCentral 9 ©2025 RingCentral 5,800+ Customers New Products Core FY24 FY25 50%+ of R&D is towards new product innovation Rapid AI-first Product Innovation Innovation (R&D) spend split
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10-20% Average handle time reduction* Enterprise (100+ employees) Customer Breadth Unless otherwise noted, company metrics as of Q3ʼ25 ©2025 RingCentral 1010 GSP $1 Billion+ ARR growing in double digits across SB and GSP Small Business (<100 employees) • Approximately 30% of ARR • Double digit growth • Payback period <18 mo • Strength in Healthcare, FinServe, Retail, Travel & Transportation • Represents >10% of ARR • Double digit growth • Expands international reach • Payback period <18 mo • Strong activity >$1m+ TCV • Strong in key verticals • Strong RingCX attach in >$1m+TCV • MS Teams integration MAUs >40%
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11 ©2025 RingCentral Expanded RingCentral AT&T Partnership AI Receptionist (AIR), powered by RingCentral AT&T Office@Hand Business Communication Portfolio New
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Financials ©2025 RingCentral 12
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$403 ©2025 RingCentral Total Revenue ($M) Free Cash Flow ($M and % of total rev) Operating Profit ($M and % of total rev) Continued operating income improvement driven by: ✓ Growth in core UCaaS and new AI-led products ✓ Operating leverage ✓ Continued expense discipline ✓ Greater S&M efficiency ✓ Leveraging AI and automation to drive productivity Revenue & Profit 1,988 2,202 2,400 FYʼ22 FYʼ23 FYʼ24 FYʼ25E 105 324 403 FYʼ22 FYʼ23 FYʼ24 FYʼ25E 5.3% 14.7% 16.8% 246 420 504 FYʼ22 FYʼ23 FYʼ24 FYʼ25E 12.4% 19.1% 21.0% 22.5% 21.0% 13 Strong Financial Profile 1. 2025E represents midpoint of guidance for total revenue, operating profit and free cash flow as of November 3, 2025. 2. Operating profit is non-GAAP. Non-GAAP operating profit, non-GAAP operating margin and free cash flow are non-GAAP financial measures, see appendix for reconciliation to the most comparable GAAP metrics. +4.5-5%
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14 ©2025 RingCentral 14 ©2025 RingCentral Expanding FCF & Reducing Share Grants FCF vs. Shares Granted ($)1 ($ in million) FCF ($) Shares Granted ($) FYʼ22 FYʼ24 $80 $105 $324 $252 ~$150 $836 $438 $439 $403 FYʼ23FYʼ21 FYʼ25E 1. 2025E represents midpoint of guidance for FCF $, estimate of Shares Granted $, as of November 3, 2025. $525+
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$403 ©2025 RingCentral Non-GAAP EPS Stock-Based Compensation from prior year and in-year grants (% of total revenue) 15 Increasing FCF/share and EPS while Reducing SBC & Share Count 1. 2025E represents midpoint of guidance for stock-based compensation SBC) as % of total revenue, fully diluted share count and non-GAAP EPS, as of November 3, 2025. $1.99 $3.23 $3.70 2022 2023 2024 2025E 12% 8% 20% 11% 9% 20% 10% 4% 14% 7%4% 11% 2023 2024 2025E2022 In-year Prior year FCF/share 2022 2023 2024 2025E $1.09 $3.35 $4.26 Fully Diluted Share Count (in millions of shares) 2022 2023 2024 2025E 96.2 96.6 94.5 $4.29 - $4.33 $5.71 - $5.79 91.5 - 92
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$403 ©2025 RingCentral 16 Improving GAAP Financial Performance GAAP EPS 2022 2023 2024 YTD 2025 (9.23) (1.74) 0.22 (1) (.63) Operating Margin (GAAP) (% of total rev) 2022 2023 2024 2025E (32.7%) (9.0%) 0.1% 4.9% (1) RingCentral does not provide guidance for the full fiscal year
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©2025 RingCentral Strong Balance Sheet Improving leverage ratio Net Debt to Adj. EBITDA 17 See Appendix for leverage ratio calculation. 2H 2025E free cash flow reflects midpoint of guidance as of Aug 5, 2025. See Forms 10K and 10Q for additional detail. Q4ʼ22 Q4ʼ23 Q4ʼ24 Q3ʼ25 4.3x 2.6x 2.2x 1.7x BB+ (Outlook Positive) Upgraded to BB+ Baa2 (Stable Outlook) Upgraded to Baa2 BB+ (Stable Outlook) Upgraded to BB+ Credit Ratings
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©2025 RingCentral (1) See appendix for reconciliation to GAAP measure. Q4 2025 Subscriptions Revenue $618 to $626 mil. Subscriptions Revenue Growth Y/Y 4.8% to 6.2% Total Revenue $638 to $646 mil. Total Revenue Growth Y/Y 3.9% to 5.2% GAAP Operating Margin 6.5% to 7 .5% Stock-based Compensation $64 to $69 mil. Non-GAAP Operating Margin(1) 22.8% Non-GAAP EPS(1) $1.12 to $1.15 Fully Diluted Share Count 89.5 to 90 mil. ©2025 RingCentral Q4 2025 Guidance 18
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©2025 RingCentral FY 2025 Subscriptions Revenue Growth Y/Y Approximately 5.5% to 6.0% y/y Total Revenue Growth Y/Y Approximately 4.5% to 5.0% y/y GAAP Operating Margin 4.8% to 5.0% Stock-based Compensation $275 to $280 mil. Non-GAAP Operating Margin(1) ~22.5% Non-GAAP EPS(1) $4.29 to $4.33 Fully Diluted Share Count 91.5 to 92.0 mil. Net cash provided by operating activities $610 to $615 mil. Less: Capitalized expenditures $85 mil. Free Cash Flow $525 to $530 mil (1) See appendix for reconciliation to GAAP measure. ©2025 RingCentral 19 FY 2025 Guidance
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Appendix ©2025 RingCentral 20
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21 ©2025 RingCentral Net debt to adjusted EBITDA ($millions) Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4ʼ23 Q1ʼ24 Q2ʼ24 Q3ʼ24 Q4ʼ24 Q1ʼ25 Q2ʼ25 Q3ʼ25 Adj. EBITDA $65.5 $72.7 $87 .0 $92.7 $112.3 $125.0 $127 .8 $138.0 $142.8 $145.8 $149.0 $152.8 $155.1 $161.5 $167 .8 LTM Adj. EBITDA 317 .9 364.7 416.9 457 .8 503.1 533.6 554.4 575.7 590.4 602.7 618.4 637 .2 Total Debt 1,638.4 1,639.5 1,578.8 1,801.3 1,545.5 1,541.4 1,537 .3 1,533.2 1,529.1 1,363.7 1,260.8 1,256.9 Total Cash 270.0 274.8 225.4 432.4 222.2 203.1 199.3 212.7 242.8 154.4 168.1 145.4 Net Debt 1,368.4 1,364.7 1,353.4 1,368.9 1,323.3 1,338.3 1,338.0 1,320.5 1,286.3 1,209.3 1,092.7 1,111.5 Net Debt to Adj. EBITDA 4.3x 3.7x 3.2x 3.0x 2.6x 2.5x 2.4x 2.3x 2.2x 2.0x 1.8x 1.7x Adjusted EBITDA is a non-GAAP financial measure, see appendix for reconciliation to the most comparable GAAP metric.
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22 ©2025 RingCentral 22 ©2025 RingCentral Debt Profile as of September 30, 2025 (1) The Company has $650.0 million available for drawdown under the Term Loan as of September 30, 2025. (2) The Company has $305.0 million available for borrowing under the Revolving Credit Facility as of September 30, 2025. (3) The Company settled the remaining $161.3 million principal of the 2025 Convertible Notes in cash on the original maturity date in March 2025. (4) As of September 30, 2025, the current portion of long-term debt, net, consists of the $608.3 million net carrying amount of the 2026 Convertible Notes and $15.5 million in expected principal payments due on the Term Loan. The Term Loan requires quarterly principal payments of 1.25% of the $306.1 million principal amount drawn, with balance due at maturity.
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Thank Y ou ©2025 RingCentral 31