2024年10月30日的新聞公告
Informatica報告2024年第三季度財務業績
•雲訂閱年化營業收入（ARR）同比增長36%，達到74800萬美元
•年度ARR總額同比增長6.7%，達到16.8億美元
•每月處理的雲交易額超過了100萬億。
加州雷德伍德城，2024年10月30日 紐交所：Informatica（紐約證券交易所代碼：INFA）是企業人工智能雲數據管理領域的領導者，今天宣佈截至2024年9月30日的第三季度財務業績。
「第三季度對我們來說又是一個令人印象深刻的季度，這得益於客戶對IDMC平台的需求以及我們雲端、消費驅動策略的持續成功執行。Informatica在每月處理超過101萬億次雲交易的歷史性里程碑。這一成就反映了我們對產品創新、以客戶爲中心以及成爲數據和人工智能的瑞士的承諾，」 Informatica首席執行官Amit Walia表示。「我們看到人工智能驅動的數據管理用例有巨大的動力。我們相信Informatica在戰略上定位良好，能夠支持企業並賦能客戶利用人工智能進行數據準備，簡化其數據體系。」
2024年第三季度財務亮點:
•根據GAAP，總收入同比增長3.4%，達42250萬美元。總收入中包括約120萬美元的負面影響來自外匯期貨匯率（FX）同比。調整外匯匯率後，總收入同比增長3.7%。
•GAAP訂閱收入同比增長10%至28790萬元。GAAP雲訂閱收入同比增長37%至17580萬元，佔訂閱收入的61%。
•總ARR同比增長6.7%，達到16.8億美元。總ARR中包括來自外匯期貨匯率同比增長約140萬美元的正面影響。訂閱ARR同比增長13%，達到12.2億美元。訂閱ARR中包括來自外匯期貨匯率同比增長約90萬美元的正面影響。
•雲訂閱年度化重複性收入（ARR）同比增長36％，達到74780萬美元。雲訂閱ARR中包含了大約30萬美元的外匯期貨匯率對年度收入的積極影響。
•GAAP的營業收入爲5090萬美元，非GAAP的營業收入爲15100萬美元。與去年同期相比，GAAP的營業利潤率增加了430個點子至12.1%，而非GAAP的營業利潤率增加了450個點子至35.8%。
•GAAP營運現金流爲10650萬美元。
•調整後的非負債稅後自由現金流爲14400萬美元。支付利息現金爲3620萬美元。
GAAP與非GAAP財務指標的調和已在本新聞稿中提供。這些措施的解釋還包括在「非GAAP財務措施」標題下。
2024年第三季度業務亮點：
•2024年9月30日結束的季度，每月處理了101.3萬億雲交易，相比去年同期的每月71.3萬億雲交易，同比增長了42%。
•2024年9月30日結束時，報告了264位消費超過100萬美元的訂閱ARR客戶，同比增長18%。
•2024年9月30日結束時，報告有2,074位客戶的訂閱ARR支出超過$100,000，同比增長5%。
•2024年9月30日，我們在最終用戶級別實現了雲訂閱的淨留存率（NRR）達到120％，在全球母公司級別達到126％。
產品創新和業務更新:
•與Oracle擴展合作：宣佈Informatica的智能數據管理雲（IDMC）平台服務在Oracle雲基礎建設（OCI）上通用可用，包括雲數據治理與目錄、PowerCenter雲版，以及適用於Oracle GoldenGate 23ai的元數據掃描器。
•宣佈 Gen 人工智能藍圖已經在 AWS、Databricks、Google Cloud、微軟 Azure、Oracle Cloud 和 snowflake 生態系統中可用。這些藍圖包括標準參考架構、預構建的、特定於生態系統的「食譜」以及 Gen 人工智能模型即服務和矢量數據庫連接器，以最大程度地減少 Gen 人工智能開發複雜性並加速實施。
•慶祝印度班加羅爾Informatica旗艦研發中心創新實驗室（iLabs）20週年。
•宣佈任命Mitesh Dhruv爲董事會成員兼審計委員會主席。
行業板塊認可:
•連續四年在認證協助技術支持計劃中被J.D. Power評爲「傑出客戶服務體驗」
•獲得2024年技術與服務行業協會（TSIA）科技與服務行業板塊利用人工智能提升營業收入工作流程和知識管理類別獎項。在教育服務中利用人工智能、專業服務中利用人工智能以及銷售和客戶成功相關最佳實踐類別中入圍。
•被評爲2024年Oracle合作伙伴獎-全球業務影響類別的獲獎者。
•被評爲《Forrester Wave™企業數據目錄2024年第3季度》的領導者。
•在德雷斯納諮詢服務數據目錄市場研究和服務主數據管理市場研究中獲得了最高評級，2024版。
•在SPARk Matrix: 企業數據面料，2024年第三季度被認可爲頂尖領導者。
•在2024年第三季度Constellation ShortList中獲得了Metadata管理、數據目錄和數據治理的認可。
Ithaca L.P. 更新:
•根據公司截至2024年6月30日的10-Q表格披露，我們的A類股大約有3340萬股由Ithaca L.P.（Ithaca）擁有，這是一家受Permira Advisors LLC（Permira）基金管理的有限合夥公司附屬公司。我們獲悉，Ithaca計劃在2024年11月初將大約930萬股分配給部分有限合夥人。其餘股份將繼續由Ithaca持有，Permira將繼續保留投票權和投資權。由Ithaca分配給其有限合夥人的A類股將根據適用有限合夥人的自行決定，立即在公開市場上供出售。
股份回購授權：
•2024年10月29日，公司的董事會（董事會）批准了一項新的股份回購授權，該授權使公司可以通過與個別持有人私下協商購買或在開放市場上回購最多40000萬美元的A類普通股。這項新授權取代了之前的20000萬美元回購授權。尚未根據現有授權進行回購。董事會的一個委員會將確定任何回購的時間、金額和條款。
即將到來的活動:
•2024年11月19日週二，公司計劃參加在紐約舉行的RBC資本市場全球科技、互聯網、媒體和電信會議上的爐邊聊天討論，美國東部時間下午1:20。公司的投資者關係網站將提供現場網絡直播和重播。
•On Tuesday, December 3, 2024, the Company is scheduled to participate in a fireside chat discussion at the UBS Global Technology and AI Conference in Scottsdale, AZ, at 2:15 p.m. Mountain Time. A live webcast and replay will be available on the Company's Investor Relations website.
•On Wednesday, December 4, 2024, the Company is scheduled to participate in a fireside chat discussion at the Wells Fargo Technology, Media and Telecommunications Summit in Rancho Palos Verdes, CA, at 8:45 a.m. Pacific Time. A live webcast and replay will be available on the Company's Investor Relations website.
•On Tuesday, December 10, 2024, the Company is scheduled to host investor meetings at the Scotiabank Global Technology Conference in San Francisco, CA.
•On Thursday, December 12, 2024, the Company is scheduled to host investor meetings at the Barclays Annual Global Technology Conference in San Francisco, CA.
Fourth Quarter and Full-Year 2024 Financial Outlook
The Company provides the financial guidance below based on current market conditions and expectations and it is subject to various important cautionary factors described below. Guidance includes the impact from macroeconomic conditions and expected foreign exchange headwinds versus the prior year comparable periods.
Based on information available as of October 30, 2024, guidance for the fourth quarter 2024 is as follows:
Fourth Quarter 2024 Ending December 31, 2024:
•GAAP Total Revenues are expected to be in the range of $448 million to $468 million, representing approximately 2.9% year-over-year growth at the midpoint of the range.
•Subscription ARR is expected to be in the range of $1.265 billion to $1.299 billion, representing approximately 13.2% year-over-year growth at the midpoint of the range.
•Cloud Subscription ARR is expected to be in the range of $829 million to $843 million, representing approximately 35.5% year-over-year growth at the midpoint of the range.
•Non-GAAP Operating Income is expected to be in the range of $162 million to $182 million, representing approximately 6.3% year-over-year growth at the midpoint of the range.
Based on information available as of October 30, 2024, the Company is reaffirming guidance for the full-year 2024 as follows:
Full-Year 2024 Ending December 31, 2024:
•GAAP Total Revenues are expected to be in the range of $1.660 billion to $1.680 billion, representing approximately 4.7% year-over-year growth at the midpoint of the range.
•Total ARR is expected to be in the range of $1.718 billion to $1.772 billion, representing approximately 7.3% year-over-year growth at the midpoint of the range.
•Subscription ARR is expected to be in the range of $1.265 billion to $1.299 billion, representing approximately 13.2% year-over-year growth at the midpoint of the range.
•Cloud Subscription ARR is expected to be in the range of $829 million to $843 million, representing approximately 35.5% year-over-year growth at the midpoint of the range.
•Non-GAAP Operating Income is expected to be in the range of $538 million to $558 million, representing approximately 18.5% year-over-year growth at the midpoint of the range.
•Adjusted Unlevered Free Cash Flow (after-tax) is expected to be in the range of $545 million to $565 million, representing approximately 23.0% year-over-year growth at the midpoint of the range.
The Company is assuming constant FX rates for the year based on the rates at the start of the full-year 2024. For reference purposes, the assumed FX rates for our top four currencies in full-year 2024 are as follows:
| Currency | Planned Rate (as of 1/1/24) | ||||||||||
| EUR/$ | 1.10 | ||||||||||
| GBP/$ | 1.27 | ||||||||||
| $/CAD | 1.32 | ||||||||||
| $/JPY | 141 | ||||||||||
| Forecast Rate (as of 10/1/24) | ||
| 1.11 | ||
| 1.34 | ||
| 1.35 | ||
| 143 | ||
Using the foreign exchange rate assumptions noted above, the Company has incorporated the following FX impacts into 2024 guidance:
Q4 2024 | Full-Year 2024 | ||||||||||
| Total Revenues | ~$3.0m positive impact y/y | ~$2.0m positive impact y/y | |||||||||
| Total ARR | ~$0.6m positive impact y/y | ~$1.2m negative impact y/y | |||||||||
| Subscription ARR | ~$0.2m positive impact y/y | ~$1.2m negative impact y/y | |||||||||
| Cloud Subscription ARR | ~$0.1m positive impact y/y | ~$1.1m negative impact y/y | |||||||||
In addition to the above guidance, the Company is also providing fourth quarter 2024 Total ARR for modeling purposes. Total ARR is expected to be in the range of $1.718 billion to $1.772 billion, representing approximately 7.3% year-over-year growth at the midpoint of the range.
In addition to the above guidance, the Company is also providing fourth quarter and full-year 2024 cash paid for interest estimates for modeling purposes. For the fourth quarter 2024, we estimate cash paid for interest to be approximately $32 million. For the full-year 2024, we estimate cash paid for interest to be approximately $144 million, using forward rates based on 1-month SOFR and a credit spread of 225 basis points.
In addition to the above guidance, the Company is also providing a fourth quarter and full-year 2024 weighted-average number of basic and diluted share estimates for modeling purposes. For the fourth
quarter 2024, we expect basic weighted-average shares outstanding to be approximately 307 million shares and diluted weighted-average shares outstanding to be approximately 315 million shares. For the full-year 2024, we expect basic weighted-average shares outstanding to be approximately 303 million shares and diluted weighted-average shares outstanding to be approximately 313 million shares.
Reconciliation of Non-GAAP Operating Income and Adjusted Unlevered Free Cash Flow after-tax guidance to the most directly comparable GAAP measures is not available without unreasonable effort, as certain items cannot be reasonably predicted because of their high variability, complexity, and low visibility. In particular, the measures and effects of our stock-based compensation expense specific to our equity compensation awards and employer payroll tax-related items on employee stock transactions are directly impacted by the timing of employee stock transactions and unpredictable fluctuations in our stock price, which we expect to have a significant impact on our future GAAP financial results.
Webcast and Conference Call
A conference call to discuss Informatica’s third quarter 2024 financial results and financial outlook for the fourth quarter and full-year 2024 is scheduled for 2:00 p.m. Pacific Time today. To participate, please dial 1-833-470-1428 from the U.S. or 1-404-975-4839 from international locations. The conference passcode is 408713. A live webcast of the conference call will be available on the Investor Relations section of Informatica’s website at investors.informatica.com where presentation materials will also be posted prior to the conference call. A replay will be available online approximately two hours following the live call for a period of 30 days.
Forward-Looking Statements
This press release and the related conference call and webcast contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, expectations of future operating results or financial performance, including our GAAP and non-GAAP guidance for the fourth quarter and 2024 fiscal year, the effect of foreign currency exchange rates, the effect of macroeconomic conditions, management’s plans, priorities, initiatives, and strategies, our efforts to reduce operating expenses and adjust cash flows in light of current business needs and priorities, our expected costs related to restructuring and related charges, including the timing of such charges, the impact of the restructuring and related charges on our business, results of operations and financial condition, plans regarding the distribution of Class A common stock by certain of our stockholders, plans regarding our stock repurchase authorization, management's estimates and expectations regarding growth of our business, the potential benefits realized by customers by the use of artificial intelligence and machine learning in our products and the potential benefits realized by customers from our cloud modernization programs, market, and partnerships. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “toward,” “will,” or “would,” or the negative of these words or other similar terms or expressions. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all.
Forward-looking statements are based on information available at the time those statements are made and are based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control, that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this press release and the related conference call and
webcast may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. These risks, uncertainties, assumptions, and other factors include, but are not limited to, those related to our business and financial performance, the effects of adverse global macroeconomic conditions and geopolitical uncertainty, the effects of public health crises on our business, results of operations, and financial condition, our ability to attract and retain customers, our ability to develop new products and services and enhance existing products and services, our ability to respond rapidly to emerging technology trends, our ability to execute on our business strategy, including our strategy related to the Informatica IDMC platform and key partnerships, our ability to increase and predict customer consumption of our platform, our ability to compete effectively, and our ability to manage growth.
Further information on these and additional risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those included in or contemplated by the forward-looking statements contained in this press release and the related conference call and webcast are included under the caption “Risk Factors” and elsewhere in our Annual Report on Form 10-K that was filed for the fiscal year ended December 31, 2023, and other filings and reports we make with the Securities and Exchange Commission from time to time, including our Quarterly Report on Form 10-Q that will be filed for the third quarter ended September 30, 2024. All forward-looking statements contained herein are based on information available to us as of the date hereof and we do not assume any obligation to update these statements as a result of new information or future events.
Non-GAAP Financial Measures and Key Business Metrics
We review several operating and financial metrics, including the following unaudited non-GAAP financial measures and key business metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans, and make strategic decisions:
Non-GAAP Financial Measures
In addition to our results determined in accordance with U.S. generally accepted accounting principles (GAAP), we believe the following non-GAAP measures are useful in evaluating our operating performance. We use the following non-GAAP financial measures to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that these non-GAAP financial measures, when taken collectively, may be helpful to investors because they provide consistency and comparability with past financial performance. However, non-GAAP financial measures are presented for supplemental informational purposes only, have limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate similarly titled non-GAAP measures differently or may use other 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 below for our non-GAAP financial measures to the most directly comparable financial measures stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate our business. Starting the second quarter of fiscal year 2024, we adjusted certain of our non-GAAP metrics for employer payroll tax expense related to equity incentive plans, as the amount of employer payroll tax expense is dependent on our stock price and other factors that are beyond our control and does not correlate to the operation of our business. The stock-based compensation related employer tax-related expense for comparative periods were immaterial and are not reflected in the prior period balances.
Non-GAAP Income from Operations and Operating Margin and Non-GAAP Net Income exclude the effect of stock-based compensation expense-related charges, including employer payroll tax-related items on employee stock transactions starting Q2 2024, amortization of acquired intangibles,
equity compensation related payments, expenses associated with acquisitions, debt refinancing costs, sponsor-related costs and expenses associated with restructuring efforts, and are adjusted for income tax effects. We believe the presentation of operating results that exclude these non-cash or non-recurring items provides useful supplemental information to investors and facilitates the analysis of our operating results and comparison of operating results across reporting periods.
Adjusted EBITDA represents GAAP net income (loss) as adjusted for income tax benefit (expense), interest income, interest expense, debt refinancing costs, other income (expense) net, stock-based compensation-related charges, including employer payroll tax-related items on employee stock transactions starting Q2 2024, amortization of intangibles, expenses associated with restructuring efforts, expenses associated with acquisitions, sponsor-related costs and depreciation. We believe adjusted EBITDA is an important metric for understanding our business to assess our relative profitability adjusted for balance sheet debt levels.
Adjusted Unlevered Free Cash Flow (after-tax) represents operating cash flow less purchases of property and equipment and is adjusted for interest payments, equity compensation payments, sponsor-related costs, expenses associated with acquisitions and restructuring costs (including payments for impaired leases). We believe this measure provides useful supplemental information to investors because it is an indicator of our liquidity over the long term needed to maintain and grow our core business operations. We also provide actual and forecast cash interest expense to aid in the calculation of adjusted free cash flow (after-tax).
Key Business Metrics
Annual Recurring Revenue ("ARR") represents the expected annual billing amounts from all active maintenance and subscription agreements. ARR is calculated based on the contract Monthly Recurring Revenue (MRR) multiplied by 12. MRR is calculated based on the accounting adjusted total contract value divided by the number of months of the agreement based on the start and end dates of each contracted line item. The aggregate ARR calculated at the end of each reported period represents the value of all contracts that are active as of the end of the period, including those contracts that have expired but are still under negotiation for renewal. We typically allow for a grace period of up to 6 months past the original contract expiration quarter during which we engage in the renewal process before we report the contract as lost/inactive. This grace-period ARR amount has been less than 2% of the reported ARR in each period presented. If there is an actual cancellation of an ARR contract, we remove that ARR value at that time. We believe ARR is an important metric for understanding our business since it tracks the annualized cash value collected over a 12-month period for all of our recurring contracts, irrespective of whether it is a maintenance contract on a perpetual license, a ratable cloud contract, or a self-managed term-based subscription license. ARR should be viewed independently of total revenue and deferred revenue related to our software and services contracts and is not intended to be combined with or to replace either of those items.
Cloud Subscription Annual Recurring Revenue ("Cloud Subscription ARR") represents the portion of ARR that is attributable to our hosted cloud contracts. We believe that Cloud Subscription ARR is a helpful metric for understanding our business since it represents the approximate annualized cash value collected over a 12-month period for all of our recurring Cloud contracts. Cloud Subscription ARR is a subset of our overall Subscription ARR, and by providing this breakdown of Cloud Subscription ARR, it provides visibility on the size and growth rate of our Cloud Subscription ARR within our overall Subscription ARR. Cloud Subscription ARR should be viewed independently of subscription revenue and deferred revenue related to our subscription contracts and is not intended to be combined with or to replace either of those items.
Subscription Annual Recurring Revenue ("Subscription ARR") represents the portion of ARR only attributable to our subscription contracts. Subscription ARR includes Cloud Subscription ARR and self-managed Subscription Annual Recurring Revenue. We believe that Subscription ARR is a helpful metric for understanding our business since it represents the approximate annualized cash value collected over a 12-month period for all of our recurring subscription contracts. Subscription ARR
excludes maintenance contracts on our perpetual licenses. Subscription ARR should be viewed independently of subscription revenue and deferred revenue related to our subscription contracts and is not intended to be combined with or to replace either of those items.
Maintenance Annual Recurring Revenue ("Maintenance ARR") represents the portion of ARR only attributable to our maintenance contracts. We believe that Maintenance ARR is a helpful metric for understanding our business since it represents the approximate annualized cash value collected over a 12-month period for all our maintenance contracts. Maintenance ARR includes maintenance contracts supporting our perpetual licenses. Maintenance ARR should be viewed independently of maintenance revenue and deferred revenue related to our maintenance contracts and is not intended to be combined with or to replace either of those items. As we continue to shift our focus from perpetual to cloud, we expect Maintenance ARR will decrease in future quarters.
Cloud Subscription Net Retention Rate ("Cloud Subscription NRR") compares the contract value for Cloud Subscription ARR from the same set of customers at the end of a period compared to the prior year. We treat divisions, segments or subsidiaries inside companies with us as separate customers when defining the End-user level. We treat divisions, segments, or subsidiaries of a company as one customer when defining the Global Parent level. Global Parent customers are determined using Dun & Bradstreet GDUNS identifiers. To calculate our Cloud Subscription NRR for a particular period, we first establish the Cloud Subscription ARR value at the end of the prior year period. We subsequently measure the Cloud Subscription ARR value at the end of the current period from the same cohort of customers. Cloud Subscription NRR is then calculated by dividing the aggregate Cloud Subscription ARR in the current period by the prior year period. An increase in the Cloud Subscription NRR occurs as a result of price increases on existing contracts, higher consumption of existing products, and sales of additional new subscription products to existing customers exceeding losses from subscription contracts due to price decreases, usage decreases and cancellations. We believe Cloud Subscription NRR is an important metric for understanding our business since it measures the rate at which we are able to sell additional products into our cloud subscription customer base.
Subscription Net Retention Rate ("Subscription Net Retention" NRR) compares the contract value for Subscription ARR from the same set of customers at the end of a period compared to the prior year. We treat divisions, segments, or subsidiaries inside companies as separate customers when defining the End-user level. To calculate our Subscription NRR for a particular period, we first establish the Subscription ARR value at the end of the prior-year period. We subsequently measure the Subscription ARR value at the end of the current period from the same cohort of customers. The net retention rate is then calculated by dividing the aggregate Subscription ARR in the current period by the prior-year period. An increase in the Subscription NRR occurs as a result of price increases on existing contracts, higher consumption of existing products, and sales of additional new subscription products to existing customers exceeding losses from subscription contracts due to price decreases, usage decreases and cancellations. Our Cloud Subscription NRR continues to outpace total Subscription NRR as self-managed subscription customers are moving to cloud offerings which is net neutral to Subscription NRR but will be additive to Cloud Subscription NRR for the same cohort of customers.
Supplemental Information
Subscription revenue disaggregation:
•Cloud subscription revenue represents revenues from cloud subscription offerings, which deliver applications and infrastructure technologies via cloud-based deployment models for which we develop functionality, provide unspecified updates and enhancements, host, manage, upgrade, and support, and that customers access by entering into a subscription agreement with us for a stated period.
•Self-managed subscription license revenue represents revenues from customers and partners contracted to use our self-managed software during a subscription term.
•Self-managed subscription support and other revenue represents revenues generated primarily through the sale of license support contracts sold together with the self-managed subscription license purchased by the customer. Self-managed subscription license support contracts provide customers with rights to unspecified software product upgrades, maintenance releases and patches released during the term of the support period and include internet access to technical content, as well as internet and telephone access to technical support personnel.
About Informatica
Informatica (NYSE: INFA), a leader in enterprise AI-powered cloud data management, brings data and AI to life by empowering businesses to realize the transformative power of their most critical assets. We have created a new category of software, the Informatica Intelligent Data Management Cloud™ (IDMC). IDMC is an end-to-end data management platform, powered by CLAIRE AI, that connects, manages and unifies data across any multi-cloud or hybrid system, democratizing data and enabling enterprises to modernize and advance their business strategies. Customers in approximately 100 countries, including more than 80 of the Fortune 100, rely on Informatica to drive data-led digital transformation. Informatica. Where data and AI come to life.
Contacts:
Investor Relations:
Victoria Hyde-Dunn
vhydedunn@informatica.com
Public Relations:
prteam@informatica.com
INFORMATICA INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Subscriptions | $ | 287,934 | $ | 261,828 | $ | 804,217 | $ | 703,339 | |||||||||||||||
| Perpetual license | — | 205 | 21 | 1,024 | |||||||||||||||||||
| Software revenue | 287,934 | 262,033 | 804,238 | 704,363 | |||||||||||||||||||
| Maintenance and professional services | 134,547 | 146,530 | 407,475 | 445,619 | |||||||||||||||||||
| Total revenues | 422,481 | 408,563 | 1,211,713 | 1,149,982 | |||||||||||||||||||
| Cost of revenues: | |||||||||||||||||||||||
| Subscriptions | 48,768 | 39,133 | 142,973 | 113,443 | |||||||||||||||||||
| Perpetual license | — | 162 | 5 | 555 | |||||||||||||||||||
| Software costs | 48,768 | 39,295 | 142,978 | 113,998 | |||||||||||||||||||
| Maintenance and professional services | 31,894 | 41,533 | 100,273 | 128,556 | |||||||||||||||||||
| Amortization of acquired technology | 947 | 3,013 | 3,008 | 8,776 | |||||||||||||||||||
| Total cost of revenues | 81,609 | 83,841 | 246,259 | 251,330 | |||||||||||||||||||
| Gross profit | 340,872 | 324,722 | 965,454 | 898,652 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Research and development | 80,316 | 85,862 | 239,204 | 255,608 | |||||||||||||||||||
| Sales and marketing | 133,517 | 129,997 | 418,403 | 393,035 | |||||||||||||||||||
| General and administrative | 44,707 | 41,911 | 144,115 | 122,027 | |||||||||||||||||||
| Amortization of intangible assets | 29,845 | 34,481 | 93,302 | 103,120 | |||||||||||||||||||
| Restructuring | 1,554 | 407 | 6,808 | 28,131 | |||||||||||||||||||
| Total operating expenses | 289,939 | 292,658 | 901,832 | 901,921 | |||||||||||||||||||
| Income (loss) from operations | 50,933 | 32,064 | 63,622 | (3,269) | |||||||||||||||||||
| Interest income | 14,829 | 10,447 | 42,001 | 27,950 | |||||||||||||||||||
| Interest expense | (36,345) | (39,327) | (113,775) | (111,844) | |||||||||||||||||||
| Other (expense) income, net | (14,011) | 5,519 | (6,825) | 8,680 | |||||||||||||||||||
| Income (loss) before income taxes | 15,406 | 8,703 | (14,977) | (78,483) | |||||||||||||||||||
| Income tax expense (benefit) | 29,391 | (70,573) | (15,154) | 111,061 | |||||||||||||||||||
| Net (loss) income | $ | (13,985) | $ | 79,276 | $ | 177 | $ | (189,544) | |||||||||||||||
| Net (loss) income per share attributable to Class A and Class B-1 common stockholders: | |||||||||||||||||||||||
| Basic | $ | (0.05) | $ | 0.27 | $ | — | $ | (0.66) | |||||||||||||||
| Diluted | $ | (0.05) | $ | 0.27 | $ | — | $ | (0.66) | |||||||||||||||
| Weighted-average shares used in computing net (loss) income per share: | |||||||||||||||||||||||
| Basic | 303,954 | 289,354 | 300,606 | 287,133 | |||||||||||||||||||
| Diluted | 303,954 | 296,556 | 313,363 | 287,133 | |||||||||||||||||||
INFORMATICA INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except par value data)
(Unaudited)
| September 30, | December 31, | ||||||||||
| 2024 | 2023 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 932,573 | $ | 732,443 | |||||||
| Short-term investments | 307,558 | 259,828 | |||||||||
Accounts receivable, net of allowances of $4,411 and $4,414, respectively | 278,998 | 500,068 | |||||||||
| Contract assets, net | 85,814 | 79,864 | |||||||||
| Prepaid expenses and other current assets | 236,094 | 180,383 | |||||||||
| Total current assets | 1,841,037 | 1,752,586 | |||||||||
| Property and equipment, net | 141,406 | 149,266 | |||||||||
| Operating lease right-of-use-assets | 53,693 | 57,799 | |||||||||
| Goodwill | 2,366,858 | 2,361,643 | |||||||||
| Customer relationships intangible asset, net | 584,803 | 669,781 | |||||||||
| Other intangible assets, net | 6,783 | 17,393 | |||||||||
| Deferred tax assets | 15,101 | 15,237 | |||||||||
| Other assets | 164,163 | 178,377 | |||||||||
| Total assets | $ | 5,173,844 | $ | 5,202,082 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 11,697 | $ | 18,050 | |||||||
| Accrued liabilities | 41,548 | 61,194 | |||||||||
| Accrued compensation and related expenses | 107,435 | 167,427 | |||||||||
| Current operating lease liabilities | 15,264 | 16,411 | |||||||||
| Current portion of long-term debt | 18,750 | 18,750 | |||||||||
| Income taxes payable | 919 | 4,305 | |||||||||
| Deferred revenue | 651,444 | 767,244 | |||||||||
| Total current liabilities | 847,057 | 1,053,381 | |||||||||
| Long-term operating lease liabilities | 41,855 | 46,003 | |||||||||
| Long-term deferred revenue | 11,917 | 19,482 | |||||||||
| Long-term debt, net | 1,794,259 | 1,805,960 | |||||||||
| Deferred tax liabilities | 21,570 | 22,425 | |||||||||
| Long-term income taxes payable | 42,116 | 37,679 | |||||||||
| Other liabilities | 7,374 | 4,554 | |||||||||
| Total liabilities | 2,766,148 | 2,989,484 | |||||||||
| Stockholders’ equity: | |||||||||||
| Class A common stock; $0.01 par value per share; 2,000,000 and 2,000,000 shares authorized as of September 30, 2024 and December 31, 2023, respectively; 261,260 and 250,874 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively | 2,614 | 2,510 | |||||||||
| Class B-1 common stock; $0.01 par value per share; 200,000 and 200,000 shares authorized as of September 30, 2024 and December 31, 2023, respectively; 44,050 and 44,050 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively | 440 | 440 | |||||||||
| Class B-2 common stock; $0.00001 par value per share; 200,000 and 200,000 shares authorized as of September 30, 2024 and December 31, 2023, respectively; 44,050 and 44,050 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively | — | — | |||||||||
| Additional paid-in-capital | 3,725,523 | 3,540,502 | |||||||||
| Accumulated other comprehensive loss | (12,562) | (22,370) | |||||||||
| Accumulated deficit | (1,308,319) | (1,308,484) | |||||||||
| Total stockholders’ equity | 2,407,696 | 2,212,598 | |||||||||
| Total liabilities and stockholders’ equity | $ | 5,173,844 | $ | 5,202,082 | |||||||
INFORMATICA INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
| Operating activities: | ||||||||||||||||||||||||||
| Net (loss) income | $ | (13,985) | $ | 79,276 | $ | 177 | $ | (189,544) | ||||||||||||||||||
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||||||||||||||||||||
| Depreciation and amortization | 3,911 | 4,203 | 9,977 | 12,674 | ||||||||||||||||||||||
| Non-cash operating lease costs | 3,592 | 3,776 | 10,927 | 12,800 | ||||||||||||||||||||||
| Stock-based compensation | 66,000 | 56,508 | 195,600 | 162,058 | ||||||||||||||||||||||
| Deferred income taxes | 1,743 | 358 | 167 | 4,356 | ||||||||||||||||||||||
| Amortization of intangible assets and acquired technology | 30,792 | 37,494 | 96,310 | 111,896 | ||||||||||||||||||||||
| Amortization of debt issuance costs | 933 | 870 | 2,723 | 2,574 | ||||||||||||||||||||||
| Amortization of investment discount, net of premium | (1,222) | (1,225) | (4,070) | (2,976) | ||||||||||||||||||||||
| Debt refinancing costs | — | — | 1,366 | — | ||||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||||||||
| Accounts receivable | 42,149 | 23,303 | 218,567 | 182,550 | ||||||||||||||||||||||
| Prepaid expenses and other assets | 276 | (1,187) | 8,473 | 25,894 | ||||||||||||||||||||||
| Accounts payable and accrued liabilities | (3,461) | (4,740) | (95,483) | (108,067) | ||||||||||||||||||||||
| Income taxes payable | 16,903 | (96,176) | (57,909) | 32,574 | ||||||||||||||||||||||
| Deferred revenue | (41,133) | (43,742) | (123,833) | (81,484) | ||||||||||||||||||||||
| Net cash provided by operating activities | 106,498 | 58,718 | 262,992 | 165,305 | ||||||||||||||||||||||
| Investing activities: | ||||||||||||||||||||||||||
| Purchases of property and equipment | (772) | (1,804) | (2,337) | (4,919) | ||||||||||||||||||||||
| Purchases of investments | (124,378) | (107,148) | (393,933) | (255,073) | ||||||||||||||||||||||
| Maturities of investments | 148,400 | 28,307 | 350,432 | 180,007 | ||||||||||||||||||||||
| Sales of investments | — | 15,712 | — | 39,510 | ||||||||||||||||||||||
| Business acquisition, net of cash acquired | — | (12,476) | — | (12,476) | ||||||||||||||||||||||
| Other | — | — | 1,878 | — | ||||||||||||||||||||||
| Net cash provided by / (used in) investing activities | 23,250 | (77,409) | (43,960) | (52,951) | ||||||||||||||||||||||
| Financing activities: | ||||||||||||||||||||||||||
| Payment of debt | (4,688) | (4,688) | (16,035) | (14,064) | ||||||||||||||||||||||
| Payment of debt refinancing costs | — | — | (1,349) | — | ||||||||||||||||||||||
| Proceeds from issuance of debt | — | — | 1,971 | — | ||||||||||||||||||||||
| Proceeds from issuance of common stock under employee stock purchase plan | 11,470 | 12,098 | 25,267 | 28,229 | ||||||||||||||||||||||
| Payments for dividends related to Class B-2 shares | — | — | (12) | (12) | ||||||||||||||||||||||
| Payments for taxes related to net share settlement of equity awards | (22,128) | (15,152) | (98,819) | (26,252) | ||||||||||||||||||||||
| Proceeds from issuance of shares under equity plans | 5,385 | 12,039 | 63,106 | 19,692 | ||||||||||||||||||||||
| Net cash (used in) / provided by financing activities | (9,961) | 4,297 | (25,871) | 7,593 | ||||||||||||||||||||||
| Effect of foreign exchange rate changes on cash and cash equivalents | 14,321 | (6,302) | 6,969 | (5,719) | ||||||||||||||||||||||
| Net increase in cash and cash equivalents | 134,108 | (20,696) | 200,130 | 114,228 | ||||||||||||||||||||||
| Cash and cash equivalents at beginning of period | 798,465 | 632,803 | 732,443 | 497,879 | ||||||||||||||||||||||
| Cash and cash equivalents at end of period | $ | 932,573 | $ | 612,107 | $ | 932,573 | $ | 612,107 | ||||||||||||||||||
| Supplemental disclosures: | ||||||||||||||||||||||||||
| Cash paid for interest | $ | 36,188 | $ | 38,027 | $ | 111,892 | $ | 109,089 | ||||||||||||||||||
| Cash paid for income taxes, net of refunds | $ | 10,745 | $ | 25,224 | $ | 42,588 | $ | 74,110 | ||||||||||||||||||
INFORMATICA INC.
NON-GAAP FINANCIAL MEASURES AND KEY BUSINESS METRICS
(in thousands, except per share data and percentages)
(unaudited)
RECONCILIATIONS OF GAAP TO NON-GAAP
Reconciliation of GAAP net income (loss) to Non-GAAP net income
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| (in thousands) | (in thousands) | ||||||||||||||||||||||
GAAP net income (loss) | $ | (13,985) | $ | 79,276 | $ | 177 | $ | (189,544) | |||||||||||||||
Stock-based compensation-related charges (1) | 67,401 | 56,508 | 200,078 | 162,058 | |||||||||||||||||||
| Amortization of intangibles | 30,792 | 37,494 | 96,310 | 111,896 | |||||||||||||||||||
| Restructuring | 1,554 | 407 | 6,808 | 28,131 | |||||||||||||||||||
Debt refinancing costs | — | — | 1,366 | — | |||||||||||||||||||
| Acquisition-related costs | 364 | 1,584 | 7,569 | 1,584 | |||||||||||||||||||
| Sponsor-related costs | — | — | 773 | — | |||||||||||||||||||
| Income tax effect | 2,822 | (94,653) | (83,677) | 59,269 | |||||||||||||||||||
| Non-GAAP net income | $ | 88,948 | $ | 80,616 | $ | 229,404 | $ | 173,394 | |||||||||||||||
Net income (loss) per share: | |||||||||||||||||||||||
Net income (loss) per share—basic | $ | (0.05) | $ | 0.27 | $ | — | $ | (0.66) | |||||||||||||||
Net income (loss) per share—diluted | $ | (0.05) | $ | 0.27 | $ | — | $ | (0.66) | |||||||||||||||
| Non-GAAP net income per share—basic | $ | 0.29 | $ | 0.28 | $ | 0.76 | $ | 0.60 | |||||||||||||||
| Non-GAAP net income per share—diluted | $ | 0.28 | $ | 0.27 | $ | 0.73 | $ | 0.59 | |||||||||||||||
| Share count (in thousands): | |||||||||||||||||||||||
Weighted-average shares used in computing net income (loss) per share—basic | 303,954 | 289,354 | 300,606 | 287,133 | |||||||||||||||||||
Weighted-average shares used in computing net income (loss) per share—diluted | 303,954 | 296,556 | 313,363 | 287,133 | |||||||||||||||||||
| Weighted-average shares used in computing Non-GAAP net income per share—basic | 303,954 | 289,354 | 300,606 | 287,133 | |||||||||||||||||||
| Weighted-average shares used in computing Non-GAAP net income per share—diluted | 312,619 | 296,556 | 313,363 | 292,072 | |||||||||||||||||||
(1) Beginning with the second quarter of 2024, the Company adjusted for employer payroll tax-related items on employee stock transactions in certain non-GAAP metrics. The stock-based compensation related employer tax-related expense for comparative periods were immaterial and are not reflected in the balances above.
Reconciliation of GAAP income (loss) from operations to Non-GAAP income from operations
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| (in thousands) | (in thousands) | ||||||||||||||||||||||
| GAAP income (loss) from operations | $ | 50,933 | $ | 32,064 | $ | 63,622 | $ | (3,269) | |||||||||||||||
| Stock-based compensation-related charges | 67,401 | 56,508 | 200,078 | 162,058 | |||||||||||||||||||
| Amortization of intangibles | 30,792 | 37,494 | 96,310 | 111,896 | |||||||||||||||||||
| Restructuring | 1,554 | 407 | 6,808 | 28,131 | |||||||||||||||||||
| Acquisition-related costs | 364 | 1,584 | 7,569 | 1,584 | |||||||||||||||||||
| Sponsor-related costs | — | — | 773 | — | |||||||||||||||||||
| Non-GAAP income from operations | $ | 151,044 | $ | 128,057 | $ | 375,160 | $ | 300,400 | |||||||||||||||
| GAAP operating margin (% of total revenue) | 12.1 | % | 7.8 | % | 5.3 | % | (0.3) | % | |||||||||||||||
| Non-GAAP operating margin (% of total revenue) | 35.8 | % | 31.3 | % | 31.0 | % | 26.1 | % | |||||||||||||||
INFORMATICA INC.
NON-GAAP FINANCIAL MEASURES AND KEY BUSINESS METRICS
Adjusted EBITDA Reconciliation
| Three Months Ended September 30, | Nine Months Ended September 30, | Trailing Twelve Months ("TTM") Ended September 30, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | 2024 | |||||||||||||||||||||||||
| (in thousands) | (in thousands) | (in thousands) | |||||||||||||||||||||||||||
GAAP net income (loss) | $ | (13,985) | $ | 79,276 | $ | 177 | $ | (189,544) | $ | 64,438 | |||||||||||||||||||
| Income tax expense (benefit) | 29,391 | (70,573) | (15,154) | 111,061 | (78,104) | ||||||||||||||||||||||||
| Interest income | (14,829) | (10,447) | (42,001) | (27,950) | (53,737) | ||||||||||||||||||||||||
| Interest expense | 36,345 | 39,327 | 113,775 | 111,844 | 153,327 | ||||||||||||||||||||||||
| Debt refinancing costs | — | — | 1,366 | — | 1,366 | ||||||||||||||||||||||||
| Other expense (income), net | 14,011 | (5,519) | 5,459 | (8,680) | 13,164 | ||||||||||||||||||||||||
| Stock-based compensation-related charges | 67,401 | 56,508 | 200,078 | 162,058 | 256,119 | ||||||||||||||||||||||||
| Amortization of intangibles | 30,792 | 37,494 | 96,310 | 111,896 | 133,694 | ||||||||||||||||||||||||
| Restructuring | 1,554 | 407 | 6,808 | 28,131 | 38,432 | ||||||||||||||||||||||||
| Acquisition-related costs | 364 | 1,584 | 7,569 | 1,584 | 7,569 | ||||||||||||||||||||||||
| Sponsor-related costs | — | — | 773 | — | 773 | ||||||||||||||||||||||||
| Depreciation | 3,745 | 4,132 | 9,816 | 12,540 | 14,359 | ||||||||||||||||||||||||
| Adjusted EBITDA | $ | 154,789 | $ | 132,189 | $ | 384,976 | $ | 312,940 | $ | 551,400 | |||||||||||||||||||
Adjusted Unlevered Free Cash Flow
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| (in thousands, except percentages) | (in thousands, except percentages) | ||||||||||||||||||||||
| Total GAAP Revenue | $ | 422,481 | $ | 408,563 | $ | 1,211,713 | $ | 1,149,982 | |||||||||||||||
| Net cash provided by operating activities | $ | 106,498 | $ | 58,718 | $ | 262,992 | $ | 165,305 | |||||||||||||||
| Less: Purchases of property, plant, and equipment | (772) | (1,804) | (2,337) | (4,919) | |||||||||||||||||||
| Add: Equity compensation payments | — | 47 | — | 168 | |||||||||||||||||||
| Add: Restructuring costs | 1,686 | 1,144 | 18,159 | 26,764 | |||||||||||||||||||
| Add: Acquisition related costs | 297 | — | 6,979 | — | |||||||||||||||||||
| Add: Sponsor-related costs | 70 | — | 499 | — | |||||||||||||||||||
Adjusted Free Cash Flow (after-tax)(1) | $ | 107,779 | $ | 58,105 | $ | 286,292 | $ | 187,318 | |||||||||||||||
| Add: Cash paid for interest | 36,188 | 38,027 | 111,892 | 109,089 | |||||||||||||||||||
Adjusted Unlevered Free Cash Flow (after-tax)(1) | $ | 143,967 | $ | 96,132 | $ | 398,184 | $ | 296,407 | |||||||||||||||
Adjusted Free Cash Flow (after-tax) margin(1) | 26 | % | 14 | % | 24 | % | 16 | % | |||||||||||||||
Adjusted Unlevered Free Cash Flow (after-tax) margin(1) | 34 | % | 24 | % | 33 | % | 26 | % | |||||||||||||||
(1) Includes cash tax payments of $10.8 million and $25.3 million for the three months ended September 30, 2024 and 2023, respectively and $42.6 million and $74.1 million for the nine months ended September 30, 2024 and 2023, respectively.
Key Business Metrics
| September 30, | |||||||||||
| 2024 | 2023 | ||||||||||
| (in thousands, except percentages) | |||||||||||
| Cloud Subscription Annual Recurring Revenue | $ | 747,811 | $ | 549,507 | |||||||
| Self-managed Subscription Annual Recurring Revenue | 471,030 | 527,687 | |||||||||
| Subscription Annual Recurring Revenue | 1,218,841 | 1,077,194 | |||||||||
| Maintenance Annual Recurring Revenue on Perpetual Licenses | 462,935 | 498,697 | |||||||||
| Total Annual Recurring Revenue | $ | 1,681,776 | $ | 1,575,891 | |||||||
| Subscription Net Retention Rate (End-user level) | 105 | % | 106 | % | |||||||
| Cloud Subscription Net Retention Rate (End-user level) | 120 | % | 118 | % | |||||||
| Cloud Subscription Net Retention Rate (Global Parent level) | 126 | % | 124 | % | |||||||
INFORMATICA INC.
SUPPLEMENTAL INFORMATION
Additional Business Metrics
| September 30, | |||||||||||
| 2024 | 2023 | ||||||||||
| Maintenance Renewal Rate | 94 | % | 95 | % | |||||||
| Subscription Renewal Rate | 89 | % | 94 | % | |||||||
Customers that spend more than $1 million in Subscription Annual Recurring Revenue(1) | 264 | 224 | |||||||||
Customers that spend more than $100,000 in Subscription Annual Recurring Revenue(2) | 2,074 | 1,978 | |||||||||
Cloud transactions processed per month in trillions(3) | 101.3 | 71.3 | |||||||||
(1) Total number of customers that spend more than $1 million in Subscription Annual Recurring Revenue.
(2) Total number of customers that spend more than $100,000 in Subscription Annual Recurring Revenue.
(3) Total number of cloud transactions processed on our platform per month in trillions, which measures data processed.
Disaggregation of Subscription Revenues
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| (in thousands) | (in thousands) | ||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Cloud subscription | $ | 175,809 | $ | 128,581 | $ | 488,669 | $ | 359,604 | |||||||||||||||
| Self-managed subscription license | 65,498 | 81,705 | 171,422 | 189,132 | |||||||||||||||||||
| Self-managed subscription support and other | 46,627 | 51,542 | 144,126 | 154,603 | |||||||||||||||||||
| Subscription revenues | $ | 287,934 | $ | 261,828 | $ | 804,217 | $ | 703,339 | |||||||||||||||
Net Debt Reconciliation
| September 30, | December 31, | ||||||||||
| 2024 | 2023 | ||||||||||
| (in millions) | |||||||||||
| Dollar Term Loan | $ | 1,828 | $ | 1,842 | |||||||
| Less: Cash, cash equivalents, and short-term investments | (1,240) | (992) | |||||||||
| Total net debt | $ | 588 | $ | 850 | |||||||