Sell GTM by Oct 24, 2026.

# TL;DR ZoomInfo (NASDAQ: GTM) is in a forced transition from a legacy seat-based software model to an AI-resilient data consumption paradigm. Despite commanding robust unlevered free cash flow (110% conversion rate), true enterprise value is suppressed by a hidden $2.73 billion Tax Receivable Agreement (TRA) liability that balloons adjusted Debt-to-EBITDA to 10.9x. To defend operating margins against severe downmarket churn and software sector contraction, management executed a desperate 20% workforce reduction in 2026. Capital scalability now relies entirely on …