Business
ZoomInfo Announces Second Quarter 2024 Financial Results
VANCOUVER, Wash.--(BUSINESS WIRE)-- ZoomInfo, (NASDAQ: ZI) the go-to-market platform to find, acquire, and grow customers, today announced its financial
About this update from Zoominfo Technologies Inc.
[{"type":"text","content":" VANCOUVER, Wash.--(BUSINESS WIRE)--\nZoomInfo, (NASDAQ: ZI) the go-to-market platform to find, acquire, and grow customers, today announced its financial results for the second quarter ended June 30, 2024.\n\n\n“In the second quarter, we implemented a number of initiatives to position the company for long-term success,” said Henry Schuck, ZoomInfo founder and CEO. “Having successfully launched ZoomInfo Copilot, our AI-powered go-to-market platform, we are further accelerating a shift upmarket. To that end, in the quarter we grew our $100k ACV customer cohort sequentially, had our best new business quarter in the mid-market and enterprise, while we stabilized net revenue retention.\n\n\nSchuck continued, “We deployed a new business risk model to reduce write-offs and made a change in estimates related to the collectibility of receivables. I am confident that this will strengthen our future financial position and enable the company to deliver strong and growing free cash flow.”\n\n\nDuring the quarter, the company made a change in estimates related to the collectibility of receivables from customers and changed operational procedures to require upfront pre-payment for services from certain smaller customers. As a result, the company recorded incremental charges of $33 million primarily related to the change in estimates. Of the $33 million, $15 million was recorded against revenue, $14 million was recorded as bad debt expense, and $4 million was related to other discrete items.\n\n\nSecond Quarter 2024 Financial Highlights:\n\n\n\nGAAP Revenue of $291.5 million, a decrease of 6% year-over-year.\n\n\n\nGAAP Operating loss of $20.0 million and Adjusted operating income of $81.6 million.\n\n\n\nGAAP Operating loss margin of 7% and Adjusted operating income margin of 28%.\n\n\n\nGAAP Cash flow from operations of $126.3 million and Unlevered free cash flow of $120.0 million.\n\n\n\nRecent Business and Operating Highlights:\n\n\n\nThe company released ZoomInfo Copilot, its AI-powered platform bringing insights and actions to sales teams, driving outreach to the most qualified leads at the right time with the right message, to drive more sales.\n\n\n\nClosed the quarter with 1,797 customers with $100,000 or greater in annual contract value, an increase of 37 from the prior quarter.\n\n\n\nZoomInfo is one of the first companies to collab...