(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 2024 Financial Highlights (Unaudited) | ||||||||||||||||||||||||||
($ in millions, except per share amounts) | ||||||||||||||||||||||||||
GAAP Quarterly Results | Change YoY | Non-GAAP Quarterly Results | Change YoY | |||||||||||||||||||||||
Revenue | $310.1 | 3% | ||||||||||||||||||||||||
Operating Income | $43.0 | (35)% | Adjusted Operating Income | $119.4 | (1)% | |||||||||||||||||||||
Operating Income Margin | 14% | Adjusted Operating Income Margin | 39% | |||||||||||||||||||||||
Net Income Per Share (Diluted) | $0.04 | Adjusted Net Income per share (Diluted) | $0.26 | |||||||||||||||||||||||
Cash Flow from Operating Activities | $115.9 | 7% | Unlevered Free Cash Flow | $122.7 | 1% |
Q2 2024 | Prior FY 2024 | FY 2024 | |||||||||||||||
GAAP Revenue | $306 - $309 million | $1.26 - $1.28 billion | $1.255 - $1.27 billion | ||||||||||||||
Non-GAAP Adjusted Operating Income | $114 - $116 million | $492 - $502 million | $488 - $495 million | ||||||||||||||
Non-GAAP Adjusted Net Income per share | $0.23 - $0.24 | $0.99 - $1.01 | $1.00 - $1.02 | ||||||||||||||
Non-GAAP Unlevered Free Cash Flow | Not Guided | $445 - $465 million | $440 - $455 million | ||||||||||||||
Weighted Average Shares Outstanding | 392 million | 399 million | 394 million |
ZoomInfo Technologies Inc. | |||||||||||
Condensed Consolidated Balance Sheets | |||||||||||
(in millions, except share data) | |||||||||||
March 31, | December 31, | ||||||||||
2024 | 2023 | ||||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 405.9 | $ | 447.1 | |||||||
Short-term investments | 34.3 | 82.2 | |||||||||
Restricted cash, current | — | 0.2 | |||||||||
Accounts receivable, net | 223.5 | 272.0 | |||||||||
Prepaid expenses and other current assets | 72.1 | 59.6 | |||||||||
Income tax receivable | 4.4 | 3.2 | |||||||||
Total current assets | $ | 740.2 | $ | 864.3 | |||||||
Restricted cash, non-current | $ | 8.9 | $ | 8.9 | |||||||
Property and equipment, net | 74.6 | 65.1 | |||||||||
Operating lease right-of-use assets, net | 106.8 | 80.7 | |||||||||
Intangible assets, net | 319.8 | 334.6 | |||||||||
Goodwill | 1,692.7 | 1,692.7 | |||||||||
Deferred tax assets | 3,694.3 | 3,707.1 | |||||||||
Deferred costs and other assets, net of current portion | 116.6 | 114.9 | |||||||||
Total assets | $ | 6,753.9 | $ | 6,868.3 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 18.0 | $ | 34.4 | |||||||
Accrued expenses and other current liabilities | 123.1 | 113.8 | |||||||||
Unearned revenue, current portion | 443.0 | 439.6 | |||||||||
Income taxes payable | 1.5 | 2.0 | |||||||||
Current portion of tax receivable agreements liability | 60.4 | 31.4 | |||||||||
Current portion of operating lease liabilities | 12.1 | 11.2 | |||||||||
Current portion of long-term debt | 6.0 | 6.0 | |||||||||
Total current liabilities | $ | 664.1 | $ | 638.4 | |||||||
Unearned revenue, net of current portion | $ | 1.3 | $ | 2.3 | |||||||
Tax receivable agreements liability, net of current portion | 2,735.6 | 2,786.6 | |||||||||
Operating lease liabilities, net of current portion | 115.4 | 89.9 | |||||||||
Long-term debt, net of current portion | 1,225.4 | 1,226.4 | |||||||||
Deferred tax liabilities | 2.1 | 1.9 | |||||||||
Other long-term liabilities | 4.1 | 3.5 | |||||||||
Total liabilities | $ | 4,748.0 | $ | 4,749.0 | |||||||
Stockholders' Equity: | |||||||||||
Common stock, par value $0.01 | $ | 3.7 | $ | 3.8 | |||||||
Additional paid-in capital | 1,676.3 | 1,804.9 | |||||||||
Accumulated other comprehensive income | 27.5 | 27.3 | |||||||||
Retained earnings | 298.4 | 283.3 | |||||||||
Total stockholders' equity | $ | 2,005.9 | $ | 2,119.3 | |||||||
Total liabilities and stockholders' equity | $ | 6,753.9 | $ | 6,868.3 |
ZoomInfo Technologies Inc. | |||||||||||
Consolidated Statements of Operations | |||||||||||
(in millions, except per share amounts; unaudited) | |||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Revenue | $ | 310.1 | $ | 300.7 | |||||||
Cost of service: | |||||||||||
Cost of service(1) | $ | 33.9 | $ | 35.0 | |||||||
Amortization of acquired technology | 9.5 | 10.5 | |||||||||
Gross profit | $ | 266.7 | $ | 255.2 | |||||||
Operating expenses: | |||||||||||
Sales and marketing(1) | $ | 99.4 | $ | 103.2 | |||||||
Research and development(1) | 43.7 | 42.3 | |||||||||
General and administrative(1) | 75.1 | 37.7 | |||||||||
Amortization of other acquired intangibles | 5.3 | 5.6 | |||||||||
Restructuring and transaction-related expenses | 0.2 | 0.1 | |||||||||
Total operating expenses | $ | 223.7 | $ | 188.9 | |||||||
Income from operations | $ | 43.0 | $ | 66.3 | |||||||
Interest expense, net | 10.1 | 9.9 | |||||||||
Loss on debt modification and extinguishment | — | 2.2 | |||||||||
Other loss (income), net | 3.4 | (14.0) | |||||||||
Income before income taxes | $ | 29.5 | $ | 68.2 | |||||||
Provision for income taxes | 14.4 | 23.7 | |||||||||
Net income | $ | 15.1 | $ | 44.5 | |||||||
Net income per share of common stock: | |||||||||||
Basic | $ | 0.04 | $ | 0.11 | |||||||
Diluted | 0.04 | 0.11 |
Three Months Ended March 31, | |||||||||||
(in millions) | 2024 | 2023 | |||||||||
Cost of service | $ | 2.5 | $ | 4.1 | |||||||
Sales and marketing | 11.8 | 19.5 | |||||||||
Research and development | 8.8 | 6.9 | |||||||||
General and administrative | 8.1 | 7.2 | |||||||||
Total equity-based compensation expense | $ | 31.2 | $ | 37.7 |
ZoomInfo Technologies Inc. | |||||||||||
Consolidated Statements of Cash Flows | |||||||||||
(in millions; unaudited) | |||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Operating activities: | |||||||||||
Net income | $ | 15.1 | $ | 44.5 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 20.0 | 20.9 | |||||||||
Amortization of debt discounts and issuance costs | 0.5 | 0.7 | |||||||||
Amortization of deferred commissions costs | 17.4 | 18.8 | |||||||||
Loss on debt modification and extinguishment | — | 2.2 | |||||||||
Equity-based compensation expense | 31.2 | 37.7 | |||||||||
Deferred income taxes | 13.2 | 27.9 | |||||||||
Tax receivable agreement remeasurement | 9.6 | (10.1) | |||||||||
Provision for bad debt expense | 9.2 | 6.1 | |||||||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||
Accounts receivable, net | 39.3 | 1.3 | |||||||||
Prepaid expenses and other current assets | (11.9) | (9.9) | |||||||||
Deferred costs and other assets, net of current portion | (17.6) | (16.4) | |||||||||
Income tax receivable | (1.2) | (2.3) | |||||||||
Accounts payable | (16.9) | (10.3) | |||||||||
Accrued expenses and other liabilities | 5.5 | (34.0) | |||||||||
Unearned revenue | 2.5 | 31.5 | |||||||||
Net cash provided by operating activities | $ | 115.9 | $ | 108.6 | |||||||
Investing activities: | |||||||||||
Purchases of short-term investments | $ | — | $ | (63.6) | |||||||
Maturities of short-term investments | 48.2 | 50.4 | |||||||||
Purchases of property and equipment and other assets | (12.8) | (6.4) | |||||||||
Net cash provided by (used in) investing activities | $ | 35.4 | $ | (19.6) | |||||||
Financing activities: | |||||||||||
Payments of deferred consideration | $ | (0.7) | $ | — | |||||||
Repayment of debt | (1.5) | (1.5) | |||||||||
Payments of debt issuance and modification costs | (0.8) | (2.0) | |||||||||
Proceeds from exercise of stock options | — | 0.2 | |||||||||
Taxes paid related to net share settlement of equity awards | (7.1) | (4.1) | |||||||||
Tax receivable agreement payments | (31.6) | — | |||||||||
Repurchase of common stock | (151.0) | (21.9) | |||||||||
Net cash used in financing activities | $ | (192.7) | $ | (29.3) | |||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | $ | (41.4) | $ | 59.7 | |||||||
Cash, cash equivalents, and restricted cash at beginning of period | 456.2 | 424.1 | |||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 414.8 | $ | 483.8 | |||||||
Cash, cash equivalents, and restricted cash at end of period: | |||||||||||
Cash and cash equivalents | $ | 405.9 | $ | 474.0 | |||||||
Restricted cash, non-current | 8.9 | 9.8 | |||||||||
Total cash, cash equivalents, and restricted cash | $ | 414.8 | $ | 483.8 | |||||||
Supplemental disclosures of cash flow information | |||||||||||
Interest paid in cash | $ | 17.7 | $ | 18.7 | |||||||
Cash paid for taxes | 3.3 | 1.7 | |||||||||
Supplemental disclosures of non-cash investing and financing activities: | |||||||||||
Property and equipment included in accounts payable and accrued expenses and other current liabilities | $ | 2.1 | $ | 0.8 | |||||||
Equity-based compensation included in capitalized software | 1.5 | — | |||||||||
ZoomInfo Technologies Inc. | |||||||||||
Reconciliation of GAAP Cash Flow from Operations to Unlevered Free Cash Flow | |||||||||||
(in millions; unaudited) | |||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net cash provided by operating activities (GAAP) | $ | 115.9 | $ | 108.6 | |||||||
Purchases of property and equipment and other assets | (12.8) | (6.4) | |||||||||
Interest paid in cash | 17.7 | 18.7 | |||||||||
Restructuring and transaction-related expenses paid in cash | 0.4 | 0.2 | |||||||||
Integration costs and acquisition-related compensation paid in cash | 1.3 | — | |||||||||
Litigation settlement payments(1) | 0.2 | — | |||||||||
Unlevered Free Cash Flow (Non-GAAP) | $ | 122.7 | $ | 121.1 |
ZoomInfo Technologies Inc. | |||||||||||
Reconciliation of GAAP Income from Operations to Non-GAAP Adjusted Operating Income | |||||||||||
(in millions; unaudited) | |||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Income from operations (GAAP) | $ | 43.0 | $ | 66.3 | |||||||
Impact of fair value adjustments to acquired unearned revenue(1) | — | 0.1 | |||||||||
Amortization of acquired technology | 9.5 | 10.5 | |||||||||
Amortization of other acquired intangibles | 5.3 | 5.6 | |||||||||
Equity-based compensation expense | 31.2 | 37.7 | |||||||||
Restructuring and transaction-related expenses(2) | 0.2 | 0.1 | |||||||||
Litigation settlement(3) | 30.2 | — | |||||||||
Adjusted Operating Income (Non-GAAP) | $ | 119.4 | $ | 120.3 | |||||||
Revenue (GAAP) | $ | 310.1 | $ | 300.7 | |||||||
Impact of fair value adjustments to acquired unearned revenue | — | 0.1 | |||||||||
Revenue for adjusted operating margin calculation (Non-GAAP) | $ | 310.1 | $ | 300.8 | |||||||
Adjusted Operating Income Margin (Non-GAAP) | 39 | % | 40 | % |
ZoomInfo Technologies Inc. | |||||||||||
Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income | |||||||||||
(in millions, except per share amounts; unaudited) | |||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net income (GAAP) | $ | 15.1 | $ | 44.5 | |||||||
Impact of fair value adjustments to acquired unearned revenue(1) | — | 0.1 | |||||||||
Loss on debt modification and extinguishment | — | 2.2 | |||||||||
Amortization of acquired technology | 9.5 | 10.5 | |||||||||
Amortization of other acquired intangibles | 5.3 | 5.6 | |||||||||
Equity-based compensation expense | 31.2 | 37.7 | |||||||||
Restructuring and transaction-related expenses(2) | 0.2 | 0.1 | |||||||||
Litigation settlement(3) | 30.2 | — | |||||||||
TRA liability remeasurement expense (benefit) | 9.4 | (10.1) | |||||||||
Tax impacts of adjustments to net income(4) | (0.4) | 9.2 | |||||||||
Adjusted Net Income (Non-GAAP) | $ | 100.5 | $ | 99.5 | |||||||
Diluted Net Income Per Share (GAAP) | $ | 0.04 | $ | 0.11 | |||||||
Impact of fair value adjustments to acquired unearned revenue per diluted share | — | — | |||||||||
Loss on debt modification and extinguishment per diluted share | — | — | |||||||||
Amortization of acquired technology per diluted share | 0.02 | 0.03 | |||||||||
Amortization of other acquired intangibles per diluted share | 0.02 | 0.01 | |||||||||
Equity-based compensation expense per diluted share | 0.08 | 0.09 | |||||||||
Restructuring and transaction-related expenses per diluted share | — | — | |||||||||
Litigation settlement per diluted share | 0.08 | — | |||||||||
TRA liability remeasurement expense (benefit) per diluted share | 0.02 | (0.02) | |||||||||
Tax impacts of adjustments to net income per diluted share | — | 0.02 | |||||||||
Adjusted Net Income Per Share (Non-GAAP) | $ | 0.26 | $ | 0.24 | |||||||
Shares for Adjusted Net Income Per Share(5) | 392 | 415 |
Cover Page |
May 07, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 07, 2024 |
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 | Common Stock, par value $0.01 per share |
Trading Symbol | ZI |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001794515 |
Amendment Flag | false |
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end
(K^H(X%F5WSY][#M#-J+&(EXNFX_2*&500@.2
MK:H[=GP*\EIB@?%+OW1V,F34/3L9,44)#C78YY@_G):Z(E @N\;M-(3YG>3I
MM*381%4T RMG;]Z\.5%<^>SL3VZ@P)IULWE225Z=5)*)!\*=GIVX_(%$:NJS
MTY++H]"GTTX@ @;+\TD'.S*9_.2NRP+]$]HO07TD=Y+5)^J&>: RF8$GDE.WPT3N;BZ*IH*L*_"G;FA;
M6+-#1@PAY6.Y)< CW73MZCX>)\I3XX0A(*P!=%I?>P-_]4*S:@T4WHOX9
MV[X#RX+5B^H *UZC_ JBP[,$VD35!RXV:W.-M7.08P^%I&SSMS# YA'[*R7W
M9B+GVR'D)Y%:[SHKV%L66G*)12DK?3<:_FOEE2L8)";EE=@FSH /'-K(DO07TD-JB$4WA%T
M,4+(=H+5C9 :\3>I72O"T]-3?V-K\]"N
#)'.]&'E'>1*#T1&D8/1.8F%YZ@$Y
M0J\S;"'TNGI+0>\(Z T&"+W.L+L5>I57IS:YT+:0[E4]^SE2 ]BX;20'^/,X
M6R1/[WZN0"?,C-!)B _
MA]QBEI+C!\CQCC G.KWM
^9$A[+ ODQA(/AQV-?Q'
MN#2VA5$OO6Y)-!%,^,A+X@HG@%@]GDH/50F;)[:/SU)KU
;DV39?KBS2PZ,O194U<6CNO\EIOH+6&QL[+NK;[VK[7&L M]/91K]U_K:=?
M:+'=3*^M0_;-IW ^EY7VH. "B9JVZX>>G'<@--VQ[3X1[HQ=;[:UP^2UPR47
M>T?=W!WOD&^#U2+;,$0IM%?)C