Fourth Quarter GAAP Revenue of $222.3 million
Grows 59% year-over-year
Fourth Quarter GAAP Operating Income Margin of
11% and Adjusted Operating Income Margin of 39%
Fourth Quarter Cash Flow from Operations of
$71.3 million and Unlevered Free Cash Flow of $84.4 million
ZoomInfo, (NASDAQ: ZI) a global leader in modern go-to-market
software, data, and intelligence, today announced its financial
results for the fourth quarter and full-year ended December 31,
2021.
“In 2021 we delivered a leading combination of growth and
profitability, significantly expanded our platform, added more new
customers than ever before, and drove record customer retention,”
said Henry Schuck, ZoomInfo Founder and CEO. “2021 was a
transformative year for ZoomInfo, and we continue to execute our
vision to deliver a comprehensive revenue operating system that
reimagines how businesses go-to-market.”
Fourth Quarter 2021 Financial Highlights:
- Revenue of $222.3 million, an increase of 59%
year-over-year.
- Operating income of $24.2 million and Adjusted Operating Income
of $86.4 million.
- GAAP operating income margin of 11% and Adjusted Operating
Income Margin of 39%.
- Cash flow from operations of $71.3 million, and Unlevered Free
Cash Flow of $84.4 million.
Full-Year 2021 Financial Highlights:
- Revenue of $747.2 million, an increase of 57%
year-over-year.
- Operating income of $113.3 million and Adjusted Operating
Income of $306.6 million.
- GAAP operating income margin of 15% and Adjusted Operating
Income Margin of 41%.
- Cash flow from operations of $299.4 million, and Unlevered Free
Cash Flow of $347.0 million.
Recent Business and Operating Highlights:
- Announced the expansion of the company’s global operations in
London. The company plans to relocate some of its senior executives
to London in 2022 and is actively hiring for U.K. roles to expand
sales and service capabilities locally and regionally.
International revenue is currently more than $100 million on an
annualized basis; in 2021 international revenue increased 91% and
represented 11% of revenue.
- Announced a partnership with Google Cloud allowing customers to
integrate ZoomInfo’s leading business-to-business date in Google
BigQuery. Through this partnership, customers can expect to see
ZoomInfo and Google Cloud converging through product innovations
and integrations, beginning with seamless access to ZoomInfo data
and intelligence directly within Google BigQuery.
- Completed the elimination of the UP-C corporate structure
resulting in a single class of outstanding common stock, with one
vote per share.
- The company’s annual net revenue retention rate for 2021 was
116%, as compared to 108% for 2020.
- Closed the quarter with 1,452 customers with $100,000 or
greater in annual contract value.
Q4 2021 Financial Highlights
(Unaudited)
($ in millions, except per share
amounts)
GAAP Quarterly Results
Change YoY
Non-GAAP Quarterly
Results
Change YoY
Revenue
$
222.3
59
%
Operating Income
$
24.2
(18
)%
Adjusted Operating Income
$
86.4
36
%
Operating Income Margin
11
%
Adjusted Operating Income Margin
39
%
Net Income Per Share (Diluted)
$
0.36
Adjusted Net Income per share
(Diluted)
$
0.18
Cash Flow from Operating Activities
$
71.3
7
%
Unlevered Free Cash Flow
$
84.4
10
%
FY 2021 Financial Highlights
(Unaudited)
($ in millions, except per share
amounts)
GAAP Results
Change YoY
Non-GAAP Results
Change YoY
Revenue
$
747.2
57
%
Operating Income
$
113.3
205
%
Adjusted Operating Income
$
306.6
36
%
Operating Income Margin
15
%
Adjusted Operating Income Margin
41
%
Net Income Per Share (Diluted)
$
0.43
Adjusted Net Income per share
(Diluted)
$
0.57
Cash Flow from Operating Activities
$
299.4
77
%
Unlevered Free Cash Flow
$
347.0
42
%
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 measures for historical periods to the most
directly comparable GAAP financial measures. 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 15, 2022, ZoomInfo
is issuing guidance for the first quarter and full-year 2022 as
follows:
Q1 2022
FY 2022
GAAP Revenue
$226 - $228 million
$1.01 - $1.02 billion
Non-GAAP Adjusted Operating Income
$86 - $88 million
$405 - $415 million
Non-GAAP Adjusted Net Income per share
$0.14 - $0.15
$0.71 - $0.73
Non-GAAP Unlevered Free Cash Flow
Not guided
$425 - $435 million
Based on first quarter and full-year 2022 weighted average
shares outstanding of 408 million and 410 million,
respectively.
Conference Call and Webcast Information:
ZoomInfo will host a conference call today, February 15, 2022,
to review its results at 4:30 p.m. Eastern Time, 1:30 p.m. Pacific
Time. The call will be accessible by telephone: (833) 519-1261
(U.S.) or (914) 800-3834 (International) with the passcode:
3356177.
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, Adjusted Net Income
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 from operations
plus (i) 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 compensation. 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 Adjusted Operating Income less
(i) interest expense, net (ii) other (income) expense, net,
excluding TRA liability remeasurement expense (benefit) and (iii)
income tax expense (benefit) including incremental tax effects of
adjustments to arrive at Adjusted Operating Income and current tax
benefits related to the TRA. We define Adjusted Net Income Per
Share as Adjusted Net Income divided by diluted weighted average
shares outstanding.
We define Unlevered Free Cash Flow as net cash provided from
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 an annual metric that we calculate
based on customers that were contracted for services at the
beginning of the year, or, for those that became customers through
an acquisition, at the time of the acquisition. Net revenue
retention is calculated as: (a) the ACV for those customers at the
end of the year divided by (b) ZoomInfo ACV at the beginning of the
year plus the ACV of acquired companies at the time of
acquisition.
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 our management’s beliefs and assumptions based on
information available to our management 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, the COVID-19 pandemic, 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 presentation, 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 a leader in modern go-to-market
software, data, and intelligence for more than 25,000 companies
worldwide. ZoomInfo’s revenue operating system, RevOS, empowers
business-to-business sales, marketing, operations, and recruiting
professionals to hit their number by pairing best-in-class
technology with unrivaled data coverage, accuracy, and depth of
company and contact information. With integrations embedded into
workflows and technology stacks, including the leading CRM, Sales
Engagement, Marketing Automation, and Talent Management
applications, ZoomInfo drives more predictable, accelerated, and
sustainable growth for its customers. ZoomInfo emphasizes GDPR and
CCPA compliance. In addition to creating the industry’s first
proactive notice program, the company is a registered data broker
with the states of California and Vermont. Read about ZoomInfo’s
commitment to compliance, privacy, and security. For more
information about ZoomInfo’s leading go-to-market software, data,
and intelligence, and how they help sales, marketing, operations,
and recruiting professionals, 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,
2021
2020
Assets
Current assets:
Cash and cash equivalents
$
308.3
$
269.8
Short-term investments
18.4
30.6
Restricted cash, current
—
1.2
Accounts receivable
187.0
121.2
Prepaid expenses and other current
assets
27.1
14.3
Income tax receivable
4.9
2.4
Total current assets
545.7
439.5
Restricted cash, non-current
5.8
—
Property and equipment, net
41.7
31.0
Operating lease right-of-use assets,
net
59.8
32.0
Intangible assets, net
431.0
365.7
Goodwill
1,575.1
1,000.1
Deferred tax assets
4,116.0
415.7
Deferred costs and other assets, net of
current portion
77.8
43.4
Total assets
$
6,852.9
$
2,327.4
Liabilities and Permanent
Equity
Current liabilities:
Accounts payable
$
15.9
$
8.6
Accrued expenses and other current
liabilities
103.3
81.5
Unearned revenue, current portion
361.5
221.3
Income taxes payable
8.4
3.4
Current portion of tax receivable
agreements liability
10.4
—
Current portion of operating lease
liabilities
8.1
6.0
Total current liabilities
507.6
320.8
Unearned revenue, net of current
portion
2.7
1.4
Tax receivable agreements liability, net
of current portion
3,046.0
271.0
Operating lease liabilities, net of
current portion
61.5
33.6
Long-term debt, net of current portion
1,232.9
744.9
Deferred tax liabilities
1.5
8.3
Other long-term liabilities
2.8
7.8
Total liabilities
4,855.0
1,387.8
Commitments and Contingencies
Permanent Equity
Class A common stock, par value $0.01
4.0
0.9
Class B common stock, par value $0.01
—
2.2
Class C common stock, par value $0.01
—
0.9
Additional paid-in capital
1,871.6
505.2
Accumulated other comprehensive income
(loss)
9.5
(2.4
)
Retained Earnings
112.8
(4.0
)
Noncontrolling interests
—
436.8
Total equity
1,997.9
939.6
Total liabilities and permanent equity
$
6,852.9
$
2,327.4
ZoomInfo Technologies
Inc.
Consolidated Statements of
Operations
(in millions, except per share
amounts; unaudited)
Three Months Ended December
31,
Year Ended December
31,
2021
2020
2021
2020
Revenue
$
222.3
$
139.7
$
747.2
$
476.2
Cost of service:
Cost of service(2)
29.3
20.0
101.4
84.2
Amortization of acquired technology
11.1
6.6
35.3
23.3
Gross profit
181.9
113.1
610.5
368.7
Operating expenses:
Sales and marketing(2)
77.1
45.2
241.1
184.9
Research and development(2)
40.9
14.5
119.7
51.4
General and administrative(2)
28.3
17.5
92.4
62.8
Amortization of other acquired
intangibles
5.3
4.8
20.3
18.7
Restructuring and transaction related
expenses
6.1
1.5
23.7
13.8
Total operating expenses
157.7
83.5
497.2
331.6
Income (loss) from operations
24.2
29.6
113.3
37.1
Interest expense, net
13.4
10.0
43.9
69.3
Loss on debt modification and
extinguishment
—
—
7.7
14.9
Other (income) expense, net
(39.1
)
(11.6
)
(39.3
)
(15.4
)
Income (loss) before income taxes
49.9
31.2
101.0
(31.7
)
Income tax expense (benefit)
(95.3
)
(5.1
)
6.1
4.7
Net income (loss)
145.2
36.3
94.9
(36.4
)
Less: Net income (loss) attributable to
ZoomInfo OpCo prior to the Reorganization Transactions
—
—
—
(5.1
)
Less: Net income (loss) attributable to
noncontrolling interests
0.3
10.8
(21.9
)
(27.3
)
Net income (loss) attributable to
ZoomInfo Technologies Inc.
$
144.9
$
25.5
$
116.8
$
(4.0
)
Net income (loss) per share of Class A and
Class C common stock(1):
Basic
$
0.37
$
0.16
$
0.46
$
(0.10
)
Diluted
$
0.36
$
0.14
$
0.43
$
(0.11
)
(1) Basic and diluted net income (loss) per share of Class A and
Class C common stock is applicable only for periods after the
initial public offering ("IPO") and related Reorganization
Transactions.
(2) Amounts include equity-based compensation expense, as
follows:
Cost of service
$
3.7
$
3.6
$
13.2
$
27.4
Sales and marketing
13.1
9.0
38.2
62.6
Research and development
11.1
1.7
24.3
13.6
General and administrative
5.4
3.1
17.3
18.0
Total equity-based compensation
expense
$
33.3
$
17.4
$
93.0
$
121.6
ZoomInfo Technologies
Inc.
Consolidated Statements of
Cash Flows
(in millions;
unaudited)
Year Ended December
31,
2021
2020
Cash flows from operating
activities:
Net income (loss)
$
94.9
$
(36.4
)
Adjustments to reconcile net income (loss)
to net cash provided by (used in) operating activities:
Depreciation and amortization
69.3
50.8
Amortization of debt discounts and
issuance costs
2.5
3.9
Amortization of deferred commissions
costs
41.7
25.1
Asset impairments
2.7
—
Loss on debt modification and
extinguishment
7.7
14.9
Deferred consideration valuation
adjustments
0.2
1.3
Equity-based compensation expense
93.0
121.6
Deferred income taxes
(14.5
)
(1.8
)
Tax receivable agreement remeasurement
(39.5
)
(15.7
)
Provision for bad debt expense
4.5
1.4
Changes in operating assets and
liabilities, net of acquisitions:
Accounts receivable
(66.1
)
(32.9
)
Prepaid expenses and other current
assets
(9.8
)
(5.9
)
Deferred costs and other assets
(53.4
)
(40.0
)
Income tax receivable
(2.3
)
1.5
Accounts payable
4.6
(0.2
)
Accrued expenses and other liabilities
32.5
21.9
Unearned revenue
131.4
60.1
Net cash provided by (used in) operating
activities
299.4
169.6
Cash flows from investing
activities:
Purchases of short-term investments
(119.8
)
(30.6
)
Maturities of short-term investments
61.3
—
Proceeds from sales of short-term
investments
70.5
—
Purchases of property and equipment and
other assets
(23.6
)
(16.8
)
Cash paid for acquisitions, net of cash
acquired
(684.2
)
(65.9
)
Net cash provided by (used in) investing
activities
(695.8
)
(113.3
)
Cash flows from financing
activities:
Payments of deferred consideration
(9.4
)
(24.7
)
Proceeds from debt issuances
1,071.8
35.0
Repayment of debt
(581.4
)
(510.9
)
Payments of debt issuance and modification
costs
(11.6
)
(1.0
)
Proceeds from exercise of stock
options
2.1
—
Repurchase outstanding equity / member
units
—
(332.4
)
Taxes paid related to net share settlement
of equity awards
(10.4
)
(0.4
)
Proceeds from equity offering, net of
underwriting discounts
—
1,023.7
Payments of equity issuance costs
(1.7
)
(7.2
)
Tax distributions
(19.9
)
(9.9
)
Net cash provided by (used in) financing
activities
439.5
172.2
Net increase (decrease) in cash, cash
equivalents, and restricted cash
43.1
228.5
Cash, cash equivalents, and restricted
cash at beginning of year
271.0
42.5
Cash, cash equivalents, and restricted
cash at end of year
$
314.1
$
271.0
Cash, cash equivalents, and restricted
cash at end of period:
Cash and cash equivalents
$
308.3
$
269.8
Restricted cash, current
—
1.2
Restricted cash, non-current
5.8
—
Total cash, cash equivalents, and
restricted cash
$
314.1
$
271.0
Supplemental disclosures of cash flow
information:
Interest paid in cash:
$
33.3
$
66.5
Cash paid for taxes
$
18.1
$
1.9
Supplemental disclosures of non-cash
investing and financing activities:
Property and equipment included in
accounts payable and accrued expenses and other current
liabilities
$
1.2
$
—
Deferred consideration from acquisition of
a business
$
2.2
$
—
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,
2021
2020
2021
2020
Cash flow from operations
$
71.3
$
66.8
$
299.4
$
169.6
Purchases of property and equipment and
other assets
(7.8
)
(4.9
)
(23.6
)
(16.8
)
Interest paid in cash
7.0
9.7
33.3
66.5
Restructuring and transaction-related
expenses paid in cash
4.9
1.4
24.2
13.1
Integration costs and acquisition-related
compensation paid in cash
9.0
3.7
13.7
11.3
Unlevered Free Cash Flow
$
84.4
$
76.6
$
347.0
$
243.7
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 December
31,
Year Ended December
31,
2021
2020
2021
2020
Net income (loss)
$
145.2
$
36.3
$
94.9
$
(36.4
)
Add (less): Expense (benefit) from income
taxes
(95.3
)
(5.1
)
6.1
4.7
Add: Interest expense, net
13.4
10.0
43.9
69.3
Add: Loss on debt modification and
extinguishment
—
—
7.7
14.9
Add (less): Other expense (income),
net
(39.1
)
(11.6
)
(39.3
)
(15.4
)
Income (loss) from operations
24.2
29.6
113.3
37.1
Add: Impact of fair value adjustments to
acquired unearned revenue
1.9
0.7
4.6
2.6
Add: Amortization of acquired
technology
11.1
6.6
35.3
23.3
Add: Amortization of other acquired
intangibles
5.3
4.8
20.3
18.7
Add: Equity-based compensation
33.3
17.4
93.0
121.6
Add: Restructuring and transaction-related
expenses
6.1
1.5
23.7
13.8
Add: Integration costs and
acquisition-related expenses
4.4
3.0
16.4
9.0
Adjusted Operating Income
86.4
63.4
306.6
226.0
Less: Interest expense, net
(13.4
)
(10.0
)
(43.9
)
(69.3
)
Less (add): Other expense (income), net,
excluding TRA liability remeasurement (benefit) expense
(0.2
)
(0.2
)
(0.3
)
(0.3
)
Add (less): Benefit (expense) from income
taxes
95.3
5.1
(6.1
)
(4.7
)
Less: Tax impacts of adjustments to net
income (loss)
(94.8
)
(10.1
)
(25.3
)
(13.5
)
Adjusted Net Income
$
73.2
$
48.3
$
231.1
$
138.2
Shares for Adjusted Net Income Per
Share(1)
407
403
405
403
Adjusted Net Income Per Share
$
0.18
$
0.12
$
0.57
$
0.34
____________________________________________
(1) Diluted earnings per share is computed by giving effect to
all potential weighted average Class A common stock, Class C common
stock, and any securities that are convertible into Class A 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. Shares
and grants issued in conjunction with the IPO were assumed to be
issued at the beginning of the period.
Three Months Ended December
31,
Year Ended December
31,
($ in millions)
2021
2020
2021
2020
Adjusted Operating Income
$
86.4
$
63.4
$
306.6
$
226.0
Revenue
222.3
139.7
747.2
476.2
Impact of fair value adjustments to
acquired unearned revenue
1.9
0.7
4.6
2.6
Revenue for adjusted operating margin
calculation
$
224.3
$
140.4
$
751.8
$
478.8
Adjusted Operating Income Margin
39
%
45
%
41
%
47
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220215005543/en/
Investors: Jeremiah Sisitsky VP, Investor Relations
617-826-2068 IR@zoominfo.com
Media: Steve Vittorioso Director, Communications
978-875-1297 PR@zoominfo.com
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