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Achieves 53 Percent Subscription Revenue Growth and 10 Percent Total Revenue Growth in Fourth Quarter
Informatica Corporation (Nasdaq:INFA), an independent provider of enterprise data integration software and services, today announced financial results for the fourth quarter ended December 31, 2014.
“Our record quarterly software and total revenues in the fourth quarter reflect improved execution and growing customer adoption of our products,” said Sohaib Abbasi, chairman and chief executive officer, Informatica. “To attain higher long-term growth, we are making good progress in delivering innovative products and in scaling go-to-market resources to pursue four distinct billion dollar market opportunities: cloud integration, MDM, data integration for next generation analytics and data security.”
Financial Highlights for the Fourth Quarter and Year Ended December 31, 2014
Total revenues for the fourth quarter of 2014 were $303.7 million, an increase of 10 percent from $276.0 million in the fourth quarter of 2013. Software revenues were $150.2 million, an increase of 12 percent from $134.6 million in the fourth quarter of 2013. Within software revenues, license revenues were $129.2 million, up 7 percent year-over-year, and subscription revenues were $21.1 million, up 53 percent year-over-year. Total revenues were negatively impacted by currency fluctuations. Using currency exchange rates from the fourth quarter of 2013, total revenues growth would have been 12% and software revenue growth would have been 14% in the fourth quarter of 2014.
Income from operations for the fourth quarter of 2014, calculated in accordance with U.S. generally accepted accounting principles (GAAP), was $65.4 million, up 7 percent from $61.0 million in the fourth quarter of 2013.
GAAP net income for the fourth quarter of 2014 was $43.6 million, up 9 percent from $39.9 million in the fourth quarter of 2013, and GAAP net income per diluted share was $0.40, up 11 percent from $0.36 per diluted share in the fourth quarter of 2013.
Non-GAAP income from operations for the fourth quarter of 2014 was $85.1 million compared to $81.2 million in the fourth quarter of 2013. Non-GAAP net income for the fourth quarter of 2014 was $61.5 million, up 12 percent from $54.8 million in the fourth quarter of 2013 and non-GAAP net income per diluted share was $0.56, up 14 percent from $0.49 per diluted share in the fourth quarter of 2013. These non-GAAP results exclude charges and tax benefits related to the amortization of acquired technology and intangible assets, building operating expenses related to the headquarters move, acquisition and other charges, acquisition integration-related tax expenses, equity investment loss and stock-based compensation. A reconciliation of GAAP results to non-GAAP results is included below.
For the year ended December 31, 2014, total revenues were $1.05 billion, up 11 percent from $948.2 million in 2013. Software revenues for the year ended December 31, 2014 were $457.4 million, up 11 percent from $413.7 million in 2013. Within software revenues, license revenues were $387.7 million, up 6 percent year-over-year, and subscription revenues were $69.7 million, up 49 percent year-over-year. GAAP income from operations for the year ended December 31, 2014 was $169.5 million, up 22 percent from $138.9 million in 2013. GAAP net income for the year ended December 31, 2014 was $114.1 million, up 32 percent from $86.4 million in 2013, and GAAP net income per diluted share was $1.03, up 32 percent from $0.78 per diluted share in 2013. Non-GAAP income from operations for the year ended December 31, 2014 was $249.0 million, up 7 percent from $233.0 million in 2013. Non-GAAP net income for the year ended December 31, 2014 was $176.9 million, up 10 percent from $160.7 million in 2013 and non-GAAP net income per diluted share was $1.59, up 10 percent from $1.44 per diluted share in 2013.
