Fourth Quarter GAAP Revenue of $316.4 million
Grows 5% year-over-year
Fourth Quarter GAAP Operating Income Margin of
22% and Adjusted Operating Income Margin of 40%
Fourth Quarter GAAP Cash Flow from Operations
of $128.8 million and Unlevered Free Cash Flow of $126.0
million
ZoomInfo, (NASDAQ: ZI) the go-to-market platform to find,
acquire, and grow customers, today announced its financial results
for the fourth quarter and full-year ended December 31, 2023.
“We ended the year strong, with better-than-expected sequential
revenue growth, while we delivered another year of profitability
and free cash flow,” said Henry Schuck, ZoomInfo Founder and CEO.
“I am excited to introduce ZoomInfo Copilot, our GenAI-powered
solution that turns every seller into your best seller. Copilot
delivers AI powered recommendations about who to contact, when to
engage them, and even what to say across channels. It gives revenue
teams a substantial advantage so they can get to buyers
faster.”
Fourth Quarter 2023 Financial Highlights:
- GAAP Revenue of $316.4 million, an increase of 5%
year-over-year.
- GAAP Operating Income of $70.5 million and Adjusted Operating
Income of $126.5 million.
- GAAP Operating Income Margin of 22% and Adjusted Operating
Income Margin of 40%.
- GAAP Cash Flow from Operations of $128.8 million and Unlevered
Free Cash Flow of $126.0 million.
Full-Year 2023 Financial Highlights:
- GAAP Revenue of $1,239.5 million, an increase of 13%
year-over-year.
- GAAP Operating Income of $259.5 million and Adjusted Operating
Income of $498.6 million.
- GAAP Operating Income Margin of 21% and Adjusted Operating
Income Margin of 40%.
- GAAP Cash Flow from Operations of $434.9 million and Unlevered
Free Cash Flow of $463.5 million.
Recent Business and Operating Highlights:
- Released the ZoomInfo 2024 Customer Impact Report. Based on
surveys of more than 7,000 users, the report finds that customers
benefit from ZoomInfo’s ability to shorten their deal cycles,
increase win rates, build out more robust pipelines, lower costs,
and dramatically improve productivity:
- ZoomInfo customers bring in 32% more revenue by closing more
deals than they did prior to using the platform.
- Sales leaders using ZoomInfo report win rates 1.5x higher.
- Marketers decrease their Customer Acquisition Costs (CAC) by
35% by using ZoomInfo.
- ZoomInfo customers are 64% more productive, allowing more time
for building and strengthening relationships with clients.
- Introduced ZoomInfo Copilot, an AI-powered solution that
unifies a company’s go-to-market (GTM) data — including first-party
CRM data and ZoomInfo’s best-in-class data — and applies generative
AI to sift through the noise and identify insights sellers actually
want.
- During the year ended December 31, 2023, the Company
repurchased and subsequently retired 22,627,664 shares of Common
Stock at an average price of $17.68, for an aggregate $400.1
million.
- As of December 31, 2023, the company’s net revenue retention
rate was 87%.
- Closed the quarter with 1,820 customers with $100,000 or
greater in annual contract value.
Q4 2023 Financial Highlights
(Unaudited)
($ in millions, except per share
amounts)
GAAP Quarterly Results
Change YoY
Non-GAAP Quarterly
Results
Change YoY
Revenue
$316.4
5%
Operating Income
$70.5
35%
Adjusted Operating Income
$126.5
(0.4)%
Operating Income Margin
22%
Adjusted Operating Income
Margin
40%
Net Income (Loss) Per Share (Diluted)
$(0.01)
Adjusted Net Income (Loss) per
share (Diluted)
$0.26
Cash Flow from Operations
$128.8
7%
Unlevered Free Cash Flow
$126.0
3%
FY 2023 Financial Highlights
(Unaudited)
($ in millions, except per share
amounts)
GAAP Results
Change YoY
Non-GAAP Results
Change YoY
Revenue
$1,239.5
13%
Operating Income
$259.5
48%
Adjusted Operating Income
$498.6
11%
Operating Income Margin
21%
Adjusted Operating Income
Margin
40%
Net Income (Loss) Per Share (Diluted)
$0.27
Adjusted Net Income (Loss) per
share (Diluted)
$1.01
Cash Flow from Operations
$434.9
4%
Unlevered Free Cash Flow
$463.5
2%
The Company uses a variety of operational and financial metrics,
including non-GAAP financial measures, to evaluate its performance
and financial condition. The accompanying financial data includes
additional information regarding these metrics and a reconciliation
of non-GAAP financial information for historical periods to the
most directly comparable GAAP financial measure. The presentation
of non-GAAP financial information should not be considered in
isolation or as a substitute for, or superior to, the financial
information prepared and presented in accordance with GAAP.
Business Outlook:
Based on information available as of February 12, 2024, ZoomInfo
is providing guidance for the first quarter and full-year 2024 as
follows:
Q1 2024
FY 2024
GAAP Revenue
$307 - $310 million
$1.26 - $1.28 billion
Non-GAAP Adjusted Operating Income
$115 - $117 million
$492 - $502 million
Non-GAAP Adjusted Net Income per share
$0.23 - $0.24
$0.99 - $1.01
Non-GAAP Unlevered Free Cash Flow
Not guided
$445 - $465 million
Weighted Average Shares Outstanding
396 million
399 million
Conference Call and Webcast Information:
ZoomInfo will host a conference call today, February 12, 2024,
to review its results at 4:30 p.m. Eastern Time, 1:30 p.m. Pacific
Time. To participate in the live conference call via telephone,
please register here. Upon registering, a dial-in number and unique
PIN will be provided to join the conference call.
The call will also be webcast live on the Company’s investor
relations website at https://ir.zoominfo.com/, where related
presentation materials will be posted prior to the conference call.
Following the conference call, an archived webcast of the call will
be available for one year on ZoomInfo’s Investor Relations
website.
Non-GAAP Financial Measures and Other Metrics:
To supplement our consolidated financial statements presented in
accordance with GAAP, this press release contains non-GAAP
financial measures, including Adjusted Operating Income, Adjusted
Operating Income Margin, Adjusted Net Income (Loss), Adjusted Net
Income (Loss) Per Share, and Unlevered Free Cash Flow. We believe
these non-GAAP measures are useful to investors in evaluating our
operating performance because they eliminate certain items that
affect period-over-period comparability and provide consistency
with past financial performance and additional information about
our underlying results and trends by excluding certain items that
may not be indicative of our business, results of operations, or
outlook.
Non-GAAP financial measures are not meant to be considered in
isolation or as a substitute for the comparable GAAP measures, but
rather as supplemental information to our business results. This
information should be read only in conjunction with our
consolidated financial statements prepared in accordance with GAAP.
There are limitations to these non-GAAP financial measures because
they are not prepared in accordance with GAAP and may not be
comparable to similarly titled measures of other companies due to
potential differences in methods of calculation and items or events
being adjusted. In addition, other companies may use different
measures to evaluate their performance, all of which could reduce
the usefulness of our non-GAAP financial measures as tools for
comparison. A reconciliation is provided at the end of this press
release for each historical non-GAAP financial measure to the most
directly comparable financial measure stated in accordance with
GAAP. We do not provide a quantitative reconciliation of the
forward-looking non-GAAP financial measures included in this press
release to the most directly comparable GAAP measures due to the
high variability and difficulty to predict certain items excluded
from these non-GAAP financial measures; in particular, the effects
of stock-based compensation expense, taxes and amounts under the
exchange tax receivable agreement, deferred tax assets and deferred
tax liabilities, and restructuring and transaction expenses. We
expect the variability of these excluded items may have a
significant, and potentially unpredictable, impact on our future
GAAP financial results.
We define Adjusted Operating Income as income (loss) from
operations adjusted for (i) the impact of fair value adjustments to
acquired unearned revenue, (ii) amortization of acquired technology
and other acquired intangibles, (iii) equity-based compensation
expense, (iv) restructuring and transaction-related expenses, and
(v) integration costs and acquisition-related expenses. We define
Adjusted Operating Income Margin as Adjusted Operating Income
divided by the sum of revenue and the impact of fair value
adjustments to acquired unearned revenue.
We define Adjusted Net Income as net income (loss) adjusted for
(i) the impact of fair value adjustments to acquired unearned
revenue, (ii) loss on debt modification and extinguishment, (iii)
amortization of acquired technology and other acquired intangibles,
(iv) equity-based compensation expense, (v) restructuring and
transaction-related expenses, (vi) integration costs and
acquisition-related expenses, (vii) TRA liability remeasurement
(benefit) expense and (viii) tax impacts of adjustments to net
income (loss). We define Adjusted Net Income (Loss) Per Share as
Adjusted Net Income (Loss) divided by diluted weighted average
shares outstanding used for adjusted net income (loss) per
share.
We define Unlevered Free Cash Flow as net cash provided by (used
in) operating activities less (i) purchases of property and
equipment and other assets, plus (ii) cash interest expense, (iii)
cash payments related to restructuring and transaction-related
expenses, and (iv) cash payments related to integration costs and
acquisition-related compensation. Unlevered Free Cash Flow does not
represent residual cash flow available for discretionary
expenditures since, among other things, we have mandatory debt
service requirements.
Net revenue retention is a metric that we calculate based on
customers of ZoomInfo at the beginning of the twelve-month period,
and is calculated as: (a) the total annual contract value ("ACV")
for those customers at the end of the end of the twelve-month
period, divided by (b) the total ACV for those customers at the
beginning of the twelve-month period.
Cautionary Statement Regarding Forward-Looking
Information:
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Actual results may differ materially from those expressed or
implied by these statements. You can generally identify our
forward-looking statements by the words “anticipate”, “believe”,
“can”, “continue”, “could”, “estimate”, “expect”, “forecast”,
“goal”, “intend”, “may”, “might”, “objective”, “outlook”, “plan”,
“potential”, “predict”, “projection”, “seek”, “should”, “target”,
“trend”, “will”, “would” or the negative version of these words or
other comparable words. Any statements in this press release
regarding future revenue, earnings, margins, financial performance,
cash flow, liquidity, or results of operations (including, but not
limited to, the guidance provided under “Business Outlook”), and
any other statements that are not historical facts are
forward-looking statements. We have based our forward-looking
statements on beliefs and assumptions based on information
available to us at the time the statements are made. We caution you
that assumptions, beliefs, expectations, intentions and projections
about future events may, and often do, vary materially from actual
results. Therefore, we cannot assure you that actual results will
not differ materially from those expressed or implied by our
forward-looking statements.
Factors that could cause actual results to differ from those
expressed or implied by our forward-looking statements include,
among other things: future economic, competitive, and regulatory
conditions, potential future uses of cash, the successful
integration of acquired businesses, and future decisions made by us
and our competitors. All of these factors are difficult or
impossible to predict accurately and many of them are beyond our
control. For a further list and description of these and other
important risks and uncertainties that may affect our future
operations, see Part I, Item 1A - Risk Factors in our most recent
Annual Report on Form 10-K filed with the Securities and Exchange
Commission, which we may update in Part II, Item 1A - Risk Factors
in Quarterly Reports on Form 10-Q we have filed or will file
hereafter. Our forward-looking statements do not reflect the
potential impact of any future acquisitions, mergers, dispositions,
joint ventures, investments, or other strategic transactions we may
make. Each forward-looking statement contained in this presentation
speaks only as of the date of this press release, and we undertake
no obligation to update or revise any forward-looking statements
whether as a result of new information, future developments or
otherwise, except as required by law.
About ZoomInfo:
ZoomInfo (NASDAQ: ZI) is the trusted go-to-market platform for
businesses to find, acquire, and grow their customers. It delivers
accurate, real-time data, insights, and technology to more than
35,000 companies worldwide. Businesses use ZoomInfo to increase
efficiency, consolidate, technology stacks, and align their sales
and marketing teams - all in one platform. ZoomInfo is a recognized
leader in data privacy, with industry-leading GDPR and CCPA
compliance measures and numerous data security and privacy
certifications. For more information about how ZoomInfo can help
businesses grow their revenue at scale, please visit
www.zoominfo.com.
Website Disclosure:
ZoomInfo intends to use its website as a distribution channel of
material company information. Financial and other important
information regarding the Company is routinely posted on and
accessible through the Company’s website at
https://ir.zoominfo.com/. Accordingly, you should monitor the
investor relations portion of our website at
https://ir.zoominfo.com/ in addition to following our press
releases, SEC filings, and public conference calls and webcasts. In
addition, you may automatically receive email alerts and other
information about ZoomInfo when you enroll your email address by
visiting the “Email Alerts” section of our investor relations page
at https://ir.zoominfo.com/.
ZoomInfo Technologies
Inc.
Condensed Consolidated Balance
Sheets
(in millions, except share data;
unaudited)
December 31,
2023
2022
Assets
Current assets:
Cash and cash equivalents
$
447.1
$
418.0
Short-term investments
82.2
127.7
Restricted cash, current
0.2
—
Accounts receivable
272.0
222.9
Prepaid expenses and other current
assets
59.6
57.8
Income tax receivable
3.2
5.6
Total current assets
$
864.3
$
832.0
Restricted cash, non-current
8.9
6.1
Property and equipment, net
65.1
52.1
Operating lease right-of-use assets,
net
80.7
63.0
Intangible assets, net
334.6
395.6
Goodwill
1,692.7
1,692.7
Deferred tax assets
3,707.1
3,977.9
Deferred costs and other assets, net of
current portion
114.9
117.0
Total assets
$
6,868.3
$
7,136.4
Liabilities and Stockholders'
Equity
Current liabilities:
Accounts payable
$
34.4
$
35.6
Accrued expenses and other current
liabilities
113.8
104.1
Unearned revenue, current portion
439.6
416.8
Income taxes payable
2.0
5.9
Current portion of tax receivable
agreements liability
31.4
—
Current portion of operating lease
liabilities
11.2
10.3
Current portion of long-term debt
6.0
—
Total current liabilities
$
638.4
$
572.7
Unearned revenue, net of current
portion
2.3
3.1
Tax receivable agreements liability, net
of current portion
2,786.6
2,978.7
Operating lease liabilities, net of
current portion
89.9
67.9
Long-term debt, net of current portion
1,226.4
1,235.7
Deferred tax liabilities
1.9
1.0
Other long-term liabilities
3.5
5.5
Total liabilities
$
4,749.0
$
4,864.6
Stockholders' Equity:
Common Stock, par value $0.01
$
3.8
$
4.0
Additional paid-in capital
1,804.9
2,052.1
Accumulated other comprehensive income
27.3
39.7
Retained earnings
283.3
176.0
Total stockholders' equity
$
2,119.3
$
2,271.8
Total liabilities and stockholders'
equity
$
6,868.3
$
7,136.4
ZoomInfo Technologies
Inc.
Consolidated Statements of
Operations
(in millions, except per share
amounts; unaudited)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Revenue
$
316.4
$
301.7
$
1,239.5
$
1,098.0
Cost of service:
Cost of service(a)
$
35.0
$
36.8
$
139.0
$
140.2
Amortization of acquired technology
9.6
12.4
39.1
48.2
Gross profit
$
271.8
$
252.5
$
1,061.4
$
909.6
Operating expenses:
Sales and marketing(a)
$
98.3
$
103.6
$
406.4
$
379.3
Research and development(a)
48.2
55.9
189.8
205.2
General and administrative(a)
49.0
35.0
173.5
123.2
Amortization of other acquired
intangibles
5.4
5.6
21.9
22.0
Restructuring and transaction-related
expenses
0.4
0.3
10.3
4.1
Total operating expenses
$
201.3
$
200.4
$
801.9
$
733.8
Income (Loss) from operations
$
70.5
$
52.1
$
259.5
$
175.8
Interest expense, net
$
11.4
$
12.5
$
45.2
$
47.6
Loss on debt modification and
extinguishment
2.1
—
4.3
—
Other (income) loss, net
(149.7
)
(59.4
)
(178.8
)
(66.4
)
Income (Loss) before income taxes
$
206.7
$
99.0
$
388.8
$
194.6
Provision (Benefit) for income taxes
212.2
75.8
281.5
131.4
Net income (loss)
$
(5.5
)
$
23.2
$
107.3
$
63.2
Net income (loss) per share of Common
Stock attributable to ZoomInfo Technologies Inc.:
Basic
$
(0.01
)
$
0.06
$
0.27
$
0.16
Diluted
(0.01
)
0.06
0.27
0.16
__________________________________________________________________________
(a) Amounts include equity-based compensation expense, as
follows:
Three Months Ended December
31,
Year Ended December
31,
(in millions)
2023
2022
2023
2022
Cost of service
$
3.9
$
5.5
$
15.7
$
20.2
Sales and marketing
16.7
24.7
71.3
80.4
Research and development
11.1
17.8
45.1
65.7
General and administrative
9.0
6.7
35.5
26.0
Total equity-based compensation
expense
$
40.7
$
54.7
$
167.6
$
192.3
ZoomInfo Technologies
Inc.
Consolidated Statements of
Cash Flows
(in millions; unaudited)
Year Ended December
31,
2023
2022
Operating activities:
Net income (loss)
$
107.3
$
63.2
Adjustments to reconcile net income (loss)
to net cash provided by (used in) operating activities:
Depreciation and amortization
80.6
87.8
Amortization of debt discounts and
issuance costs
2.4
3.0
Amortization of deferred commissions
costs
75.3
65.9
Asset impairments
5.2
—
Loss on debt modification and
extinguishment
4.3
—
Deferred consideration valuation
adjustments
—
0.2
Equity-based compensation expense
167.6
192.3
Deferred income taxes
276.7
123.3
Tax receivable agreement remeasurement
(160.7
)
(65.6
)
Provision for bad debt expense
33.8
5.7
Changes in operating assets and
liabilities, net of acquisitions:
Accounts receivable
(82.8
)
(39.3
)
Prepaid expenses and other current
assets
(8.0
)
(8.0
)
Deferred costs and other assets
(78.2
)
(81.9
)
Income tax receivable
2.4
(0.7
)
Accounts payable
(1.8
)
19.5
Accrued expenses and other liabilities
(11.2
)
2.8
Unearned revenue
22.0
48.8
Net cash provided by (used in) operating
activities
$
434.9
$
417.0
Investing activities:
Purchases of short-term investments
$
(145.0
)
$
(139.3
)
Maturities of short-term investments
194.5
30.8
Proceeds from sales of short-term
investments
1.4
—
Purchases of property and equipment and
other assets
(26.5
)
(28.9
)
Cash paid for acquisitions, net of cash
acquired
—
(143.7
)
Net cash provided by (used in) investing
activities
$
24.4
$
(281.1
)
Financing activities:
Payments of deferred consideration
$
(0.4
)
$
(1.1
)
Proceeds from debt issuances
—
—
Repayment of debt
(6.0
)
—
Payments of debt issuance and modification
costs
(3.8
)
(0.4
)
Proceeds from exercise of stock
options
0.4
1.3
Taxes paid related to net share settlement
of equity awards
(24.5
)
(17.4
)
Proceeds from issuance of common stock
under the ESPP
7.2
4.2
Payments of equity issuance costs
—
(0.3
)
Tax receivable agreement payments
—
(12.2
)
Repurchase of common stock
(400.1
)
—
Net cash used in financing activities
$
(427.2
)
$
(25.9
)
Net increase in cash, cash equivalents,
and restricted cash
$
32.1
$
110.0
Cash, cash equivalents, and restricted
cash at beginning of year
424.1
314.1
Cash, cash equivalents, and restricted
cash at end of year
$
456.2
$
424.1
Cash, cash equivalents, and restricted
cash at end of period:
Cash and cash equivalents
$
447.1
$
418.0
Restricted cash, current
0.2
—
Restricted cash, non-current
8.9
6.1
Total cash, cash equivalents, and
restricted cash
$
456.2
$
424.1
Supplemental disclosures of cash flow
information:
Interest paid in cash
$
48.5
$
50.0
Cash paid for taxes
12.2
11.6
Supplemental disclosures of non-cash
investing and financing activities:
Equity-based compensation included in
capitalized software
$
5.4
$
—
Property and equipment included in
accounts payable and accrued expenses and other current
liabilities
1.8
0.9
ZoomInfo Technologies
Inc.
Reconciliation of GAAP Cash
Flow From Operations to Unlevered Free Cash Flow
($ in millions; unaudited)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Net cash provided by (used in)
operating activities (GAAP)
128.8
$
120.2
$
434.9
$
417.0
Purchases of property and equipment and
other assets
(8.9
)
(6.5
)
(26.5
)
(28.9
)
Interest paid in cash
5.5
6.0
48.5
50.0
Restructuring and transaction-related
expenses paid in cash
0.6
2.1
6.1
14.6
Integration costs and acquisition-related
compensation paid in cash
—
0.6
0.5
3.7
Unlevered Free Cash Flow
(Non-GAAP)
126.0
$
122.4
$
463.5
$
456.5
ZoomInfo Technologies
Inc.
Reconciliation of GAAP Income
from Operations to Non-GAAP Adjusted Operating Income
(in millions; unaudited)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Income (Loss) from operations
(GAAP)
$
70.5
$
52.1
259.5
$
175.8
Impact of fair value adjustments to
acquired unearned revenue (a)
—
0.1
0.2
2.1
Amortization of acquired technology
9.6
12.4
39.1
48.2
Amortization of other acquired
intangibles
5.4
5.6
21.9
22.0
Equity-based compensation expense
40.7
54.7
167.6
192.3
Restructuring and transaction-related
expenses (b)
0.4
0.3
10.3
4.1
Integration costs and acquisition-related
expenses (c)
—
1.8
—
3.3
Adjusted Operating Income
(Non-GAAP)
$
126.5
$
127.0
$
498.6
$
447.8
Revenue (GAAP)
$
316.4
$
301.7
$
1,239.5
$
1,098.0
Impact of fair value adjustments to
acquired unearned revenue
—
0.1
0.2
2.1
Revenue for adjusted operating margin
calculation (Non-GAAP)
$
316.4
$
301.8
$
1,239.7
$
1,100.1
Adjusted Operating Income Margin (Non-GAAP)
40
%
42
%
40
%
41
%
_______________________
(a)
Represents the impact of fair value
adjustments to acquired unearned revenue relating to services
billed by an acquired company prior to our acquisition of that
company. These adjustments represent the difference between the
revenue recognized based on management’s estimate of fair value of
acquired unearned revenue and the receipts billed prior to the
acquisition less revenue recognized prior to the acquisition.
(b)
Represents costs directly associated with
acquisition or disposal activities, including employee severance
and termination benefits, contract termination fees and penalties,
and other exit or disposal costs. For the year ended December 31,
2023, this expense is primarily related to costs associated with a
June 2023 reduction in force, and impairment charges related to the
Ra’anana office and other offices. For the year ended December 31,
2022, this expense is primarily related to transition and retention
payments related to 2021 and 2022 acquisitions.
(c)
Represents costs directly associated with
integration activities for acquisitions and acquisition-related
compensation, which includes transaction bonuses and retention
awards. For the year ended December 31, 2022, this expense related
to retention awards from the acquisitions of Clickagy, Everstring,
and Insent, and professional fees relating to integration
projects.
ZoomInfo Technologies
Inc.
Reconciliation of GAAP Net
Income to Non-GAAP Adjusted Net Income
(in millions, except per share
amounts; unaudited)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Net income (loss) (GAAP)
$
(5.5
)
$
23.2
$
107.3
$
63.2
Impact of fair value adjustments to
acquired unearned revenue (a)
—
0.1
0.2
2.1
Loss on debt modification and
extinguishment
2.1
—
4.3
—
Amortization of acquired technology
9.6
12.4
39.1
48.2
Amortization of other acquired
intangibles
5.4
5.6
21.9
22.0
Equity-based compensation expense
40.7
54.7
167.6
192.3
Restructuring and transaction-related
expenses (b)
0.4
0.3
10.3
4.1
Integration costs and acquisition-related
expenses (c)
—
1.8
—
3.3
TRA liability remeasurement (benefit)
expense
(146.8
)
(56.1
)
(160.7
)
(65.6
)
Tax impacts of adjustments to net income
(loss) (d)
196.2
66.8
223.1
93.8
Adjusted Net Income (Loss)
(Non-GAAP)
$
102.1
$
108.7
$
413.1
$
363.5
Diluted Net Income (Loss) Per Share
(GAAP)
$
(0.01
)
$
0.06
$
0.27
$
0.16
Impact of fair value adjustments to
acquired unearned revenue per diluted share
—
—
—
0.01
Loss on debt modification and
extinguishment per diluted share
0.01
—
0.01
—
Amortization of acquired technology per
diluted share
0.02
0.03
0.10
0.12
Amortization of other acquired intangibles
per diluted share
0.01
0.01
0.05
0.05
Equity-based compensation expense per
diluted share
0.10
0.14
0.41
0.46
Restructuring and transaction-related
expenses per diluted share
—
—
0.03
0.01
Integration costs and acquisition-related
expenses per diluted share
—
—
—
0.01
TRA liability remeasurement (benefit)
expense per diluted share
(0.36
)
(0.14
)
(0.40
)
(0.17
)
Tax impacts of adjustments to net income
(loss) per diluted share
0.49
0.16
0.54
0.23
Adjusted Net Income (Loss) Per Share
(Non-GAAP)
$
0.26
$
0.26
$
1.01
$
0.88
Shares for Adjusted Net Income Per
Share(e)
400
413
411
411
__________________________
(a)
Represents the impact of fair value adjustments to acquired
unearned revenue relating to services billed by an acquired company
prior to our acquisition of that company. These adjustments
represent the difference between the revenue recognized based on
management’s estimate of fair value of acquired unearned revenue
and the receipts billed prior to the acquisition less revenue
recognized prior to the acquisition.
(b)
Represents costs directly associated with acquisition or
disposal activities, including employee severance and termination
benefits, contract termination fees and penalties, and other exit
or disposal costs. For the year ended December 31, 2023, this
expense is primarily related to costs associated with a June 2023
reduction in force, and impairment charges related to the Ra’anana
office and other offices. For the year ended December 31, 2022,
this expense is primarily related to transition and retention
payments related to 2021 and 2022 acquisitions.
(c)
Represents costs directly associated with integration activities
for acquisitions and acquisition-related compensation, which
includes transaction bonuses and retention awards. For the year
ended December 31, 2022, this expense related to retention awards
from the acquisitions of Clickagy, Everstring, and Insent, and
professional fees relating to integration projects.
(d)
Represents tax expense associated with
GAAP Net income (loss) excluded from Adjusted Net Income (Loss)
(Non-GAAP). This includes the tax effects associated with equity
compensation, remeasurement of deferred tax assets for the effect
of state law changes, and TRA liability remeasurement.
(e)
Diluted earnings per share is computed by
giving effect to all potential weighted average Common Stock, and
any securities that are convertible into Common Stock, including
options and restricted stock units. The dilutive effect of
outstanding awards and convertible securities is reflected in
diluted earnings per share by application of the treasury stock
method, excluding deemed repurchases assuming proceeds from
unrecognized compensation as required by GAAP.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240212972719/en/
Investor Contact: Jeremiah Sisitsky VP of Investor
Relations IR@zoominfo.com Media Contact: Erin Hendrick
Senior Director, Communications PR@zoominfo.com
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