(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Exhibit No. | Description | ||||
99.1 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
Q1 2022 Financial Highlights (Unaudited) | |||||||||||||||||
($ in millions, except per share amounts) | |||||||||||||||||
GAAP Quarterly Results | Increase YoY | Non-GAAP Quarterly Results | Increase YoY | ||||||||||||||
Revenue | $241.7 | 58% | |||||||||||||||
Operating Income | $32.4 | 16% | Adjusted Operating Income | $95.7 | 45% | ||||||||||||
Operating Income Margin | 13% | Adjusted Operating Income Margin | 39% | ||||||||||||||
Net Income Per Share (Diluted) | $0.02 | Adjusted Net Income per share (Diluted) | $0.18 | ||||||||||||||
Cash Flow from Operating Activities | $105.0 | 13% | Unlevered Free Cash Flow | $125.9 | 29% | ||||||||||||
Q2 2022 | Prior FY 2022 | FY 2022 | |||||||||||||||
GAAP Revenue | $253 - $255 million | $1.01 - $1.02 billion | $1.06 - $1.07 billion | ||||||||||||||
Non-GAAP Adjusted Operating Income | $98 - $100 million | $405 - $415 million | $418 - $424 million | ||||||||||||||
Non-GAAP Adjusted Net Income per share | $0.17 - $0.18 | $0.71 - $0.73 | $0.75 - $0.77 | ||||||||||||||
Non-GAAP Unlevered Free Cash Flow | Not Guided | $415 - $435 million | $435 - $445 million | ||||||||||||||
Weighted Average Shares Outstanding | 410 million | 410 million | 411 million |
ZoomInfo Technologies Inc. | |||||||||||
Condensed Consolidated Balance Sheets | |||||||||||
(in millions, except share data) | |||||||||||
March 31, | December 31, | ||||||||||
2022 | 2021 | ||||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 394.4 | $ | 308.3 | |||||||
Short-term investments | 12.4 | 18.4 | |||||||||
Accounts receivable, net | 166.3 | 187.0 | |||||||||
Prepaid expenses and other current assets | 38.1 | 27.1 | |||||||||
Income tax receivable | 6.0 | 4.9 | |||||||||
Total current assets | 617.2 | 545.7 | |||||||||
Restricted cash, non-current | 5.8 | 5.8 | |||||||||
Property and equipment, net | 44.9 | 41.7 | |||||||||
Operating lease right-of-use assets, net | 59.1 | 59.8 | |||||||||
Intangible assets, net | 414.5 | 431.0 | |||||||||
Goodwill | 1,573.4 | 1,575.1 | |||||||||
Deferred tax assets | 4,099.3 | 4,116.0 | |||||||||
Deferred costs and other assets, net of current portion | 110.0 | 77.8 | |||||||||
Total assets | $ | 6,924.2 | $ | 6,852.9 | |||||||
Liabilities and Permanent Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 17.4 | $ | 15.9 | |||||||
Accrued expenses and other current liabilities | 71.0 | 103.3 | |||||||||
Unearned revenue, current portion | 403.8 | 361.5 | |||||||||
Income taxes payable | 10.2 | 8.4 | |||||||||
Current portion of tax receivable agreements liability | 5.4 | 10.4 | |||||||||
Current portion of operating lease liabilities | 8.1 | 8.1 | |||||||||
Total current liabilities | 515.9 | 507.6 | |||||||||
Unearned revenue, net of current portion | 2.3 | 2.7 | |||||||||
Tax receivable agreements liability, net of current portion | 3,046.8 | 3,046.0 | |||||||||
Operating lease liabilities, net of current portion | 60.6 | 61.5 | |||||||||
Long-term debt, net of current portion | 1,233.6 | 1,232.9 | |||||||||
Deferred tax liabilities | 1.7 | 1.5 | |||||||||
Other long-term liabilities | 3.9 | 2.8 | |||||||||
Total liabilities | 4,864.8 | 4,855.0 | |||||||||
Commitments and Contingencies | |||||||||||
Permanent Equity: | |||||||||||
Class A common stock, par value $0.01 | 4.0 | 4.0 | |||||||||
Additional paid-in capital | 1,910.0 | 1,871.6 | |||||||||
Accumulated other comprehensive income (loss) | 26.4 | 9.5 | |||||||||
Retained Earnings | 119.0 | 112.8 | |||||||||
Total equity | 2,059.4 | 1,997.9 | |||||||||
Total liabilities and permanent equity | $ | 6,924.2 | $ | 6,852.9 |
ZoomInfo Technologies Inc. | ||||||||||||||
Consolidated Statements of Operations | ||||||||||||||
(in millions, except per share amounts; unaudited) | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Revenue | $ | 241.7 | $ | 153.3 | ||||||||||
Cost of service: | ||||||||||||||
Cost of service(1) | 32.8 | 21.4 | ||||||||||||
Amortization of acquired technology | 11.2 | 6.7 | ||||||||||||
Gross profit | 197.7 | 125.2 | ||||||||||||
Operating expenses: | ||||||||||||||
Sales and marketing(1) | 84.1 | 48.8 | ||||||||||||
Research and development(1) | 45.6 | 20.4 | ||||||||||||
General and administrative(1) | 27.8 | 18.8 | ||||||||||||
Amortization of other acquired intangibles | 5.3 | 4.8 | ||||||||||||
Restructuring and transaction-related expenses | 2.5 | 4.4 | ||||||||||||
Total operating expenses | 165.3 | 97.2 | ||||||||||||
Income (loss) from operations | 32.4 | 28.0 | ||||||||||||
Interest expense, net | 11.8 | 6.5 | ||||||||||||
Loss on debt modification and extinguishment | — | 5.9 | ||||||||||||
Other (income) expense, net | 1.4 | (0.2) | ||||||||||||
Income (loss) before income taxes | 19.2 | 15.8 | ||||||||||||
Income tax expense (benefit) | 13.0 | 49.7 | ||||||||||||
Net income (loss) | 6.2 | (33.9) | ||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | — | (37.1) | ||||||||||||
Net income (loss) attributable to ZoomInfo Technologies Inc. | $ | 6.2 | $ | 3.2 | ||||||||||
Net income (loss) per share of Class A and Class C common stock: | ||||||||||||||
Basic | $ | 0.02 | $ | 0.02 | ||||||||||
Diluted | $ | 0.02 | $ | 0.02 |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Cost of service | $ | 4.6 | $ | 3.5 | ||||||||||
Sales and marketing | 16.1 | 8.4 | ||||||||||||
Research and development | 15.6 | 2.6 | ||||||||||||
General and administrative | 6.2 | 3.6 | ||||||||||||
Total equity-based compensation expense | $ | 42.5 | $ | 18.1 |
ZoomInfo Technologies Inc. | |||||||||||
Consolidated Statements of Cash Flows | |||||||||||
(in millions; unaudited) | |||||||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | 6.2 | $ | (33.9) | |||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | 20.0 | 15.5 | |||||||||
Amortization of debt discounts and issuance costs | 0.7 | 0.5 | |||||||||
Amortization of deferred commissions costs | 14.1 | 8.7 | |||||||||
Asset impairments | — | 2.7 | |||||||||
Loss on debt modification and extinguishment | — | 5.9 | |||||||||
Deferred consideration valuation adjustments | — | 0.2 | |||||||||
Equity-based compensation expense | 42.5 | 18.1 | |||||||||
Deferred income taxes | 10.7 | 47.0 | |||||||||
Tax receivable agreement remeasurement | 0.9 | — | |||||||||
Provision for bad debt expense | 0.4 | 0.7 | |||||||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||
Accounts receivable | 20.1 | 5.1 | |||||||||
Prepaid expenses and other current assets | (4.8) | (0.9) | |||||||||
Deferred costs and other assets, net of current portion | (18.6) | (9.8) | |||||||||
Income tax receivable | (1.2) | 1.4 | |||||||||
Accounts payable | 1.5 | 5.2 | |||||||||
Accrued expenses and other liabilities | (29.4) | (12.6) | |||||||||
Unearned revenue | 41.9 | 39.2 | |||||||||
Net cash provided by (used in) operating activities | 105.0 | 93.0 | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of short-term investments | (11.1) | (103.6) | |||||||||
Maturities of short-term investments | 17.0 | 9.5 | |||||||||
Purchases of property and equipment and other assets | (6.6) | (4.7) | |||||||||
Purchase of convertible note receivable | (10.0) | — | |||||||||
Cash paid (received) for acquisitions, net of cash acquired | 2.1 | (0.2) | |||||||||
Net cash provided by (used in) investing activities | (8.6) | (99.0) | |||||||||
Cash flows from financing activities: | |||||||||||
Payments of deferred consideration | (1.1) | (9.2) | |||||||||
Proceeds from debt | — | 350.0 | |||||||||
Repayment of debt | — | (356.4) | |||||||||
Payments of debt issuance and modification costs | (0.4) | (5.7) | |||||||||
Proceeds from exercise of stock options | 0.3 | 0.5 | |||||||||
Taxes paid related to net share settlement of equity awards | (3.8) | (2.2) | |||||||||
Payments of equity issuance costs | (0.3) | — | |||||||||
Tax receivable agreement payments | (5.0) | — | |||||||||
Tax distributions | — | (10.8) | |||||||||
Net cash provided by (used in) financing activities | (10.3) | (33.8) | |||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 86.1 | (39.8) | |||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 314.1 | 271.0 | |||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 400.2 | $ | 231.2 | |||||||
Cash, cash equivalents, and restricted cash at end of period: | |||||||||||
Cash and cash equivalents | 394.4 | 229.1 | |||||||||
Restricted cash, current | — | 0.1 | |||||||||
Restricted cash, non-current | 5.8 | 2.0 | |||||||||
Total cash, cash equivalents, and restricted cash | $ | 400.2 | $ | 231.2 | |||||||
Supplemental disclosures of cash flow information | |||||||||||
Interest paid in cash | $ | 19.5 | $ | 6.8 | |||||||
Cash paid for taxes | $ | 1.3 | $ | — | |||||||
Supplemental disclosures of non-cash investing and financing activities: | |||||||||||
Deferred variable consideration from acquisition of a business | $ | 1.1 | $ | — | |||||||
Property and equipment included in accounts payable and accrued expenses and other current liabilities | $ | 1.3 | $ | — | |||||||
ZoomInfo Technologies Inc. | |||||||||||
Reconciliation of GAAP Operating Cash Flow to Unlevered Free Cash Flow | |||||||||||
($ in millions; unaudited) | |||||||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash flow from operations | $ | 105.0 | $ | 93.0 | |||||||
Purchases of property and equipment and other assets | (6.6) | (4.7) | |||||||||
Interest paid in cash | 19.5 | 6.8 | |||||||||
Restructuring and transaction-related expenses paid in cash | 8.0 | 1.1 | |||||||||
Integration costs and acquisition-related compensation paid in cash | — | 1.3 | |||||||||
Unlevered Free Cash Flow | $ | 125.9 | $ | 97.5 |
ZoomInfo Technologies Inc. | |||||||||||
Reconciliation of GAAP Net Income (Loss) to Adjusted Net Income and Income (Loss) From Operations to Adjusted Operating Income | |||||||||||
(in millions, except per share amounts; unaudited) | |||||||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net income (loss) | $ | 6.2 | $ | (33.9) | |||||||
Add (less): Expense (benefit) from income taxes | 13.0 | 49.7 | |||||||||
Add: Interest expense, net | 11.8 | 6.5 | |||||||||
Add: Loss on debt modification and extinguishment | — | 5.9 | |||||||||
Add (less): Other expense (income), net | 1.4 | (0.2) | |||||||||
Income (loss) from operations | 32.4 | 28.0 | |||||||||
Add: Impact of fair value adjustments to acquired unearned revenue | 1.1 | 0.6 | |||||||||
Add: Amortization of acquired technology | 11.2 | 6.7 | |||||||||
Add: Amortization of other acquired intangibles | 5.3 | 4.8 | |||||||||
Add: Equity-based compensation | 42.5 | 18.1 | |||||||||
Add: Restructuring and transaction-related expenses | 2.5 | 4.4 | |||||||||
Add: Integration costs and acquisition-related expenses | 0.6 | 3.4 | |||||||||
Adjusted Operating Income | 95.7 | 66.1 | |||||||||
Less: Interest expense, net | (11.8) | (6.5) | |||||||||
Less (add): Other expense (income), net, excluding TRA liability remeasurement (benefit) expense | (0.6) | 0.2 | |||||||||
Add (less): Benefit (expense) from income taxes | (13.0) | (49.7) | |||||||||
Less: Tax impacts of adjustments to net income (loss) | 3.5 | 40.6 | |||||||||
Adjusted Net Income | $ | 73.8 | $ | 50.7 | |||||||
Shares for Adjusted Net Income Per Share(1) | 409 | 404 | |||||||||
Adjusted Net Income Per Share | $ | 0.18 | $ | 0.13 |
Three Months Ended March 31, | |||||||||||
($ in millions) | 2022 | 2021 | |||||||||
Adjusted Operating Income | $ | 95.7 | $ | 66.1 | |||||||
Revenue | 241.7 | 153.3 | |||||||||
Impact of fair value adjustments to acquired unearned revenue | 1.1 | 0.6 | |||||||||
Revenue for adjusted operating margin calculation | $ | 242.8 | $ | 154.0 | |||||||
Adjusted Operating Income Margin | 39 | % | 43 | % |
Cover Page |
May 02, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 02, 2022 |
Entity Registrant Name | ZoomInfo Technologies Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-39310 |
Entity Tax Identification Number | 87-3037521 |
Entity Address, Address Line One | 805 Broadway Street |
Entity Address, Address Line Two | Suite 900 |
Entity Address, City or Town | Vancouver |
Entity Address, State or Province | WA |
Entity Address, Postal Zip Code | 98660 |
City Area Code | 800 |
Local Phone Number | 914-1220 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A common stock, par value $0.01 per share |
Trading Symbol | ZI |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001794515 |
Amendment Flag | false |
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