ZoomInfo Technologies (ZI) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

July 31, 2023 4:30 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, and thank you for standing by. Welcome to the ZoomInfo Second Quarter 2023 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Jerry Sisitsky, Investor Relations. Please go ahead.

Jerry Sisitsky

Thanks, Amy. Welcome to the ZoomInfo's financial results conference call for the second quarter 2023. With me on the call today are Henry Schuck, Founder and CEO of ZoomInfo; and Cameron Hyzer, our CFO. After their remarks, we will open the call to Q&A.

During this call, any forward-looking statements are made pursuant to the safe harbor provisions of U.S. securities laws. Expressions of future goals, including business outlook, expectations for future financial performance and similar items, including, without limitation, expressions using the terminology may, will, expect, anticipate and believe and expressions, which reflect something other than historical facts are intended to identify forward-looking statements.

Forward-looking statements involve a number of risks and uncertainties, including those discussed in the Risk Factors sections of our SEC filings. Actual results may differ materially from any forward-looking statements. The company undertakes no obligation to revise or update any forward-looking statements in order to reflect events that may arise after this conference call, except as required by law. For more information, please refer to the cautionary statement in the slides posted to our Investor Relations website at ir.zoominfo.com. All metrics on this call are non-GAAP, unless otherwise noted. A reconciliation can be found in the financial results press release or in the slides posted to our IR website.

With that, I'll turn the call over to Henry.

Henry Schuck

Thank you, Jerry, and welcome, everyone. We delivered $309 million in revenue in the second quarter and adjusted operating income of $126 million with a margin of 41%. Our customers, sales leaders who sit disproportionately in the software vertical are reducing spending in the context of a lower growth environment. For high growth companies in particular, where the demand has been reduced and investors are expecting higher levels of profitability, these cuts have proved substantial and have meaningfully impacted ZoomInfo's ability to expand our solution.