Slide 1: 2Q 2025 Financial Results
2Q 2025 Financial Results ©2025 RingCentral
Slide 2: Safe Harbor and Non-GAAP Measures
Safe Harbor and Non-GAAP Measures This presentation includes forward-looking statements within the meaning of the federal We provide guidance on forecasted non-GAAP operating margin, non-GAAP tax rates, securities laws. These statements relate to, among other things, our business strategy and non-GA
Slide 3: Voice of Your Business
Voice of Your Business 3 ©2025 RingCentral
Slide 4: Our mission
Our mission We empower businesses of all sizes to communicate effortlessly with their customers, and use the power of AI to help businesses unlock greater opportunities.
Slide 5: Vlad Shmunis, Kira Makagon, Vaibhav Agrawal
Vlad Shmunis Kira Makagon Vaibhav Agrawal Founder, Chairman & CEO President & COO Chief Financial Officer ©2025 RingCentral
Slide 6: Operating at Scale
Operating at Scale #1 500K+ ~7K In UCaaS Revenue Market Share (1) Customers Employees (2) Quarterly record $2.59M $250M+ $500M+ ARR Committed to Innovation (3) Annual Free Cash Flow (4) $4.26 1.8x $290M 2025 Non-GAAP EPS (5) Q2ʼ25 Net Debt to Adj. EBITDA 2025 SBC (5) Unless otherwise noted, company
Slide 7: Q2 Financial Highlights
Q2 Financial Highlights $620M 22.6% $1.06 Total Revenue Non-GAAP Operating Margin Non-GAAP EPS At high end of guidance Above high end of guidance Up 16% Y/Y $144M $105M $500M Free Cash Flow Debt Paydown Buy Back Authorization Up 33% Y/Y Net debt $1.1B & leverage 1.8x Strong financial profile 7 ©2025
Slide 8: Extended RingCentral and NiCE Partnership
RingCentral Contact Center powered by NiCE CXOne Extended RingCentral and NiCE Partnership Extended multi-year partnership to focus on New go-to-market sales, channel, onboarding, deployment, and post-sales support 8 ©2025 RingCentral
Slide 9: Expanded RingCentral AT&T Partnership
AT&T Office@Hand Business Communication Portfolio Expanded RingCentral AT&T Partnership New Office@Hand Contact Center, powered by RingCXTM New Office@Hand RingSense, powered by RingCentral 9 ©2025 RingCentral
Slide 10: 2028 Market Opportunity
$80B $65B 2028 Market Opportunity The Market UCaaS Opportunity $40B Revenue is Large at $29B Intelligence AI for CX & Conv Intelligence ~$150B $21B $22B CCaaS $0B $6B Video $5B Events 0% 30% 60% * 2023 - 2028 CAGR Sources: For Market size & growth shown in bubbles: UCaaS, Video Conf. - Gartner Forec
Slide 11: We're a Business Communications Leader
Weʼre a Business Communications Leader #1 Market Share in UCaaS Leader in Gartner 2024 Magic Quadrant by Synergy based on revenue for UCaaS Worldwide ~40% 4 Source: Synergy Research Group This graphic was published by Gartner, Inc. as part of a larger research document and should be evaluated in the
Slide 12: Strength in Voice
Strength in Voice RingCentral Seats RingCentral Telephony Minutes 4.5M 5.6M 6.6M 7.6M 2020 2021 2022 2023 2024 2Q25 4Q20 4Q21 4Q22 4Q23 4Q24 2Q25* Annualized Seat growth is strong Telephony minutes usage is strong 12 ©2025 RingCentral
Slide 13: Our Multi-Product Portfolio
Our Multi-Product Portfolio RingEX RingCX Cloud PBX System Rich Omnichannel SMS, Fax Native Contact Center Team Messaging AI Powered & Integrated AI Assistant AI Receptionist New AI CX & AI Agents AI Phone Agent AI Quality Management AIR Everywhere Intelligent Call Handling AI AI Agent & Supervisor
Slide 14: On track to achieve $100M+ ARR
$100M+ RingCX RingSense On track to achieve RingCentral Events $100M+ ARR RingCentral AIR from new products >$50M ARR by end of 2025 2024-end 2025-end 14 ©2025 ©2025 RingCentral RingCentral
Slide 15: Customer Cohorts
Customer Cohorts Small Business & Global Service Providers Enterprise • $1 Billion+ ARR growing in double digits for SB and GSPs • Strong activity >$1m+ TCV • Payback period <18 mo • Strong in key verticals • GSP Highlights: • 50% attach RingCX in >$1m+TCV 10-20% ○ Vodafone Ireland customer win: Rya
Slide 16: Our success is rooted in global leadership in cloud business voice
Our success is rooted in global leadership in cloud business voice In the advent of AI “Voice is the new UI” Itʼs a fast, expressive, and natural way to interact with AI ©2025 RingCentral
Slide 17: AI for Every Phase of the Conversation Journey
AI for Every Phase of the Conversation Journey Before During After AI Receptionist (AIR) AI Assistant RingSense RingEX Phone AI Agents & AIR Everywhere AI for personal productivity AI for business productivity RingCX Intelligent Virtual Agent* AI Agent Assist AI Quality Management AI for CX intellig
Slide 18: ©2025 RingCentral
18 ©2024 ©2025 RingCentral
Slide 19: AI Receptionist (AIR)
AI Receptionist AI Receptionist (AIR) An AI phone agent that uses generative AI to automatically answer customer inquiries and transfer calls Key Capabilities ✓ Appointment booking New 3,000+ ✓ Multi-language support New Customers ✓ Intelligent call routing ✓ SMS follow-up ✓ Conversation insights 1,
Slide 20: Customers Love AI Receptionist
Customers Love AI Receptionist 60% increase in 50% resolution new patient intakes, rate anticipated translating to an on customer calls, additional $1.7M cutting answer in revenue time to seconds 20 ©2025 RingCentral
Slide 21: AIR Everywhere
Introducing AIR Capabilities New AIR Everywhere RingCentral AI Receptionist now works with any phone system. Available in controlled availability. Works with any phone Handles calls without a system, on-prem or cloud RingEX license Modernizes without Allows usage of existing heavy migration lift pho
Slide 22: RingSense Customer Momentum
RingSense RingSense Customer Momentum Key Capabilities 3,600+ Customers ✓ AI powered coaching 2,800+ ✓ Keep CRMs up to date Customers ✓ Summarize conversations Q1 25 Q2ʼ25 22 22 ©2025 RingCentral
Slide 23: RingSense Customer Wins
RingSense Customer Wins 40% increase in sales, 100% of call recordings, 50 monthly hours saved, conversations, and and 100% increase in interactions analyzed, contact-center visibility from 600 hours of listening to just minutes of review 23 ©2025 RingCentral
Slide 24: RingCX Strong Traction
RingCX 50% Attach Rate for RingCX in the RingCX $1M+TCVs Strong Traction 50% Key Capabilities of RingCX customers also ✓ Native, AI powered bought AI Quality Management ✓ Voice + 20 digital channels ✓ Simple & less complex 1200 RingCX Customers 24 ©2025 RingCentral
Slide 25: RingCX Ad Campaign
RingCX Ad Campaign
Slide 26: Increasing Customer Experience Wallet Share via AI Attach
Increasing Customer Experience Wallet Share via AI Attach +50% Add-ons include: ✓ AI Quality Management ✓ AI Agent Assist ✓ AI Supervisor Assist ✓ Interaction Analytics ✓ WFO ✓ IVA Q3 ‘23 Q2ʼ25 26 ©2025 ©2025 RingCentral RingCentral
Slide 27: RingCX Customer Wins
RingCX Customer Wins Restaurant Customer Education Customer ClaimSolution Inc. With 850 locations, this Already using RingEX for Using AI Agent Assist restaurant chain chose 5,500 employees together with RingCX, they RingCX together with AI and 35,000 students, this reduced call handling time Qualit
Slide 28: Financials
Financials 28 ©2025 RingCentral
Slide 29: Strong Financial Profile
Strong Financial Profile Total Revenue Revenue & Profit Operating Profit ($M) ($M and % of total rev) 22.5% 21.0% 2,520 19.1% 568 2,400 504 2,202 1,988 12.4% 420 246 FYʼ22 FYʼ23 FYʼ24 FYʼ25E FYʼ22 FYʼ23 FYʼ24 FYʼ25E Free Cash Flow Continued operating income improvement driven by: ($M and % of total
Slide 30: Expanded FCF per Share
FCF vs. Shares Granted ($)1 FCF ($) ($ in million) Shares Granted ($) Expanded $836 FCF per Share $438 $439 $518 $403 $105 $324 $80 $252 ~$150 FYʼ21 FYʼ22 FYʼ23 FYʼ24 FYʼ25E 30 1. 2025E represents midpoint of guidance for FCF $, estimate of Shares Granted $, as of August 5, 2025. ©2025 RingCentr
Slide 31: Increasing FCF/share and EPS while Reducing SBC & Share Count
Increasing FCF/share and EPS while Reducing SBC & Share Count Fully Diluted Share Count Stock-Based Compensation from prior year and in-year grants (in millions of shares) (% of total revenue) In-year Prior year 20% 20% 96.2 96.6 8% 9% 14% 94.5 4% 12% 12% 11% 4% 10% 92.8 8% 2022 2023 2024 2025E 2022
Slide 32: Strong Balance Sheet
Strong Balance Sheet Improving leverage ratio Available Liquidity of ~$1.0 billion Net Debt to Adj. EBITDA $350M $243M Term Loan A commitment Free Cash Flow at 6/30/25 in 2H 2025E 4.3x $225M $168M Revolving Credit Facility Cash and Cash Equivalents 2.6x at 6/30/25 at 6/30/25 2.2x 1.8x Credit Ratings
Slide 33: FY 2025 Guidance
FY 2025 Guidance FY 2025 Subscriptions Revenue Growth Y/Y Up 5% to 7% Total Revenue Growth Y/Y Up 4% to 6% GAAP Operating Margin 4.8% to 5.5% Stock-based Compensation $285 to $295 mil. Non-GAAP Operating Margin(1) ~22.5% Non-GAAP EPS $4.20 to $4.32 Fully Diluted Share Count 92.5 to 93.0 mil. Net cas
Slide 34: Q3 2025 Guidance
Q3 2025 Guidance Q3 2025 Subscriptions Revenue $611 to $619 mil. Subscriptions Revenue Growth Y/Y 5% to 6% Total Revenue $631 to $639 mil. Total Revenue Growth Y/Y 4% to 5% GAAP Operating Margin 4.9% to 6.1% Stock-based Compensation $72 to $78 mil. Non-GAAP Operating Margin(1) ~22.6% Non-GAAP EPS $1
Slide 35: Appendix
Appendix 35 ©2025 RingCentral
Slide 36: Q2 2025 Financial Highlights
Q2 2025 Financial Highlights $ Metric Y/Y Growth Revenue Subscriptions Revenue $598.7M 6% Total Revenue $620.4M 5% ARR Total $2,587M 7% Customer ARR by Size1 Mid-Market and Enterprise $1,610M 6% Enterprise $1,099M 5% 1) Our reported results also include our annualized exit monthly recurring subscrip
Slide 37: Net debt to adjusted EBITDA
Net debt to adjusted EBITDA ($millions) Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4ʼ23 Q1ʼ24 Q2ʼ24 Q3ʼ24 Q4ʼ24 Q1ʼ25 Q2ʼ25 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 LTM Adj. EBITDA 317.9 364.7 416.9 457.8 503.1 533.6 554.4 575.7 590.4
Slide 38: Debt Profile as of June 30, 2025
Debt Profile as of June 30, 2025 (1) The Company has $350.0 million available for drawdown under the Term Loan as of June 30, 2025. (2) The Company has $225.0 million available for borrowing under the Revolving Credit Facility as of June 30, 2025. 38 (3) The Company settled the remaining $161.3 mill
Slide 39: Reconciliation of Operating Income (Loss)
RINGCENTRAL, INC. RECONCILIATION OF OPERATING INCOME (LOSS) GAAP MEASURES TO NON-GAAP MEASURES (Cnaudited, in thousands) ‘Three Months Faded ‘Six Months Ended ‘Sune 3, ‘une 3, 20 x Revenues Subscriptions $ 598,728 $ 567,058 $1,188,840 $1,124,545 Otter 21,670 25,849 43,614 52,573 Total revenues 620,5
Slide 40: Reconciliation of Operating Income (Loss)
RINGCENTRAL, INC. RECONCILIATION OF OPERATING INCOME (LOSS) GAAP MEASURES TO NON-GAAP MEASURES Income (loss) from operations reconciliation GAAP income (loss) from operations Share-based compensation Amortization of acquired intangibles Third-party relocation and other costs Restructuring costs Non-
Slide 41: Reconciliation of Operating Income (Loss)
RINGCENTRAL, INC. RECONCILIATION OF OPERATING INCOME (LOSS) GAAP MEASURES TO NON-GAAP MEASURES (Unaudited, in thousands) Year Ended December 31, 2024 2023 Income (loss) from onverations reconciliation GAAP income (loss) from operations 2,670 (198,811) Share-based compensation. 346,648 434,086 Amorti
Slide 42: Reconciliation of Net Income (Loss)
42 RINGCENTRAL, INC. RECONCILIATION OF NET INCOME (LOSS) GAAP MEASURES TO NON-GAAP MEASURES i thousands, exeept per share data) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Net income (loss) reconciliation GAAP net income (loss) S 13,193 $ (14,753) $ 2,865 $
Slide 43: Reconciliation of Net Income (Loss)
43 RINGCENTRAL, INC. RECONCILIATION OF NET INCOME (LOSS) GAAP MEASURES TO NON-GAAP MEASURES (In thousands, except per share data) (Unaudited) Net income (loss) income reconciliation GAAP net loss Share-based compensation Amortization of acquired intangibles Third-party relocation and other costs, ne
Slide 44: Reconciliation of Cash Flows from Operating Activities
RINGCENTRAL, INC. RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES GAAP MEASURES TO NON-GAAP FREE CASH FLOW MEASURES (Unaudited, in thousands) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Net cash provided by operating activities $ 167,414 $ 127,081 $317,076 $223,1
Slide 45: Reconciliation of Cash Flows from Operating Activities
RINGCENTRAL, INC. RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES GAAP MEASURES TO NON-GAAP FREE CASH FLOW MEASURES (Unaudited, in thousands) Year Ended December 31, 2024 2023 Net cash provided by operating activities $ 483,276 $ 399,662 Capitalized expenditures (80,528) (75,740) Non-GAAP fre
Slide 46: Reconciliation of Forecasted Operating Margin and Free Cash Flow
RINGCENTRAL, INC. RECONCILIATION OF FORECASTED OPERATING MARGIN AND FREE CASH FLOW GAAP MEASURES TO NON-GAAP MEASURES (Unaudited, in millions) Q3 2025 FY 2025 LowRange _HighRange | LowRange _ High Range GAAP income from operations 31 39 120 141 GAAP operating margin 49% 6.1% 4.8% 5.5% Share-based co
Slide 47: Thank You
Thank You 47 ©2025 RingCentral