VANCOUVER, Wash. - ZoomInfo Technologies Inc. (NASDAQ: ZI), a leading go-to-market platform, has announced its financial results for the fourth quarter and full year ended December 31, 2023. The company reported a 5% year-over-year increase in GAAP revenue to $316.4 million for the fourth quarter, alongside a GAAP operating income margin of 22% and an adjusted operating income margin of 40%.
For the full year, ZoomInfo achieved a 13% rise in GAAP revenue, reaching $1,239.5 million. The GAAP operating income for the year stood at $259.5 million, marking a significant 48% increase from the previous year. The adjusted operating income came in at $498.6 million, with both GAAP and adjusted operating income margins at 21% and 40%, respectively.
The company's cash flow from operations was robust, with $128.8 million reported in the fourth quarter and $434.9 million for the full year. Unlevered free cash flow was also strong, totaling $126.0 million for the quarter and $463.5 million for the year.
According to ZoomInfo Founder and CEO Henry Schuck, the company ended the year with strong sequential revenue growth and another year of profitability and free cash flow. Schuck also highlighted the launch of ZoomInfo Copilot, an AI-powered solution designed to enhance the effectiveness of sales teams by providing recommendations on engagement strategies.
ZoomInfo's customer impact report revealed that users see a 32% increase in revenue, 1.5 times higher win rates, a 35% reduction in customer acquisition costs, and a 64% increase in productivity after utilizing the platform.
During 2023, ZoomInfo repurchased and retired over 22 million shares of common stock at an average price of $17.68, totaling approximately $400.1 million. The company closed the year with a net revenue retention rate of 87% and 1,820 customers with $100,000 or greater in annual contract value.
Looking forward, ZoomInfo provided guidance for the first quarter and full year 2024, projecting GAAP revenue between $307 million and $310 million for Q1 and between $1.26 billion and $1.28 billion for the full year. The company anticipates non-GAAP adjusted operating income of $115 million to $117 million for Q1 and $492 million to $502 million for the full year.
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