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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Informatica Inc | NYSE:INFA | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.62 | -2.28% | 26.59 | 27.49 | 25.68 | 27.49 | 5,095,412 | 19:45:03 |
Informatica (NYSE: INFA), an enterprise cloud data management leader, today announced financial results for its third quarter 2023, ended September 30, 2023.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231101362347/en/
Informatica Q3 2023 Highlights (Graphic: Business Wire)
"Q3 represented another strong step forward as we accelerate our cloud-only, consumption-driven strategy. Our team delivered another quarter exceeding guidance for the top and bottom line as we help customers increase productivity, drive efficiency, and become AI-led, data-driven companies,” said Amit Walia, Chief Executive Officer at Informatica. “We continue to accelerate our innovation-led cloud transformation to make IDMC, powered by our AI engine CLAIRE, the data management platform of choice for enterprises across the globe as they build their modern data architecture to drive their AI-driven digital transformation.”
Third Quarter 2023 Financial Highlights:
A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”
Third Quarter 2023 Business Highlights:
Product Innovation:
Industry Recognition:
Restructuring Plan:
Ithaca L.P. Update:
Share Repurchase Authorization:
Upcoming Events:
Fourth Quarter and Full-Year 2023 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 November 1, 2023, guidance for the full-year 2023 is as follows:
Full-Year 2023 Ending December 31, 2023:
Based on information available as of November 1, 2023, guidance for the fourth quarter 2023 is as follows:
Fourth Quarter 2023 Ending December 31, 2023:
The Company is assuming constant FX rates for the year based on the rates at the start of the full-year 2023 planning period. For reference purposes, the assumed FX rates for our top four currencies in full-year 2023 are as follows:
Currency
Planned Rate
EUR/$
1.07
GBP/$
1.20
$/CAD
1.35
$/JPY
132
Using the foreign exchange rate assumptions noted above, the Company has incorporated the following FX impacts into 2023 guidance:
Q4 2023
Full-Year 2023
Total Revenues
~$5m positive impact y/y
~$1m positive impact y/y
Total ARR
~$3m negative impact y/y
~$10m negative impact y/y
Subscription ARR
~$3m negative impact y/y
~$7m negative impact y/y
Cloud Subscription ARR
~$1m negative impact y/y
~$3m negative impact y/y
In addition to the above guidance, the Company is also providing fourth quarter and full-year 2023 cash paid for interest estimates for modeling purposes. For the fourth quarter 2023, we estimate cash paid for interest to be approximately $40 million. For the full-year 2023, we estimate cash paid for interest to be approximately $149 million.
In addition to the above guidance, the Company is also providing a fourth quarter and full-year 2023 weighted-average number of basic and diluted share estimates for modeling purposes. For the fourth quarter 2023, we expect basic weighted-average shares outstanding to be approximately 292 million shares and diluted weighted-average shares outstanding to be approximately 297 million shares. For the full-year 2023, we expect basic weighted-average shares outstanding to be approximately 288 million shares and diluted weighted-average shares outstanding to be approximately 293 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 2023 financial results and financial outlook for the fourth quarter and full-year 2023 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 513620. 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 expectations regarding achieving profitability and our GAAP and non-GAAP guidance for the fourth quarter and 2023 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 our stock repurchase authorization, the distribution of Class A common stock by certain of our stockholders and management's estimates and expectations regarding growth of our business, 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 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 release 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, 2022, 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, 2023. 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.
Non-GAAP Income from Operations and Non-GAAP Net Income exclude the effect of stock-based compensation expense-related charges, amortization of acquired intangibles, equity compensation related payments, expenses associated with acquisitions, and strategic investments, 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 loss as adjusted for income tax benefit (expense), interest income, interest expense, loss on debt refinancing, other income (expense), stock-based compensation, amortization of intangibles, equity compensation related payments, restructuring, acquisition costs, and depreciation. Equity compensation-related payments are related to the repurchase of employee stock options. 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, restructuring costs (including payments for impaired leases), and executive severance. 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 our recurring contracts, irrespective of whether it is a maintenance contract on a perpetual license, a ratable cloud contract, or an on-premise term-based subscription license.
Maintenance Annual Recurring Revenue 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 on-premise 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.
Subscription Annual Recurring Revenue represents the portion of ARR only attributable to our subscription contracts. 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 our recurring subscription contracts. Subscription ARR excludes maintenance contracts on our perpetual licenses to provide information regarding the period-to-period performance and overall size and scale of our subscription business as we continue to focus our efforts on subscription-based licensing. 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.
Cloud Subscription Annual Recurring Revenue 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 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 Net Retention Rate (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. 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 cancellations. We believe 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 subscription customer base.
Cloud Subscription Net Retention Rate 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 as separate customers. 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.
About Informatica
Informatica (NYSE: INFA), an Enterprise Cloud Data Management leader, brings data 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 more than 100 countries, including 85 of the Fortune 100, rely on Informatica to drive data-led digital transformation. Informatica. Where data comes to life.
INFORMATICA INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2023
2022
2023
2022
Revenues:
Subscriptions
$
261,828
$
214,009
$
703,339
$
618,799
Perpetual license
205
1,208
1,024
6,180
Software revenue
262,033
215,217
704,363
624,979
Maintenance and professional services
146,530
156,734
445,619
481,358
Total revenues
408,563
371,951
1,149,982
1,106,337
Cost of revenues:
Subscriptions
39,133
27,692
113,443
77,573
Perpetual license
162
147
555
476
Software costs
39,295
27,839
113,998
78,049
Maintenance and professional services
41,533
50,649
128,556
152,574
Amortization of acquired technology
3,013
8,703
8,776
26,776
Total cost of revenues
83,841
87,191
251,330
257,399
Gross profit
324,722
284,760
898,652
848,938
Operating expenses:
Research and development
85,862
80,403
255,608
239,590
Sales and marketing
129,997
132,282
393,035
404,831
General and administrative
41,911
31,255
122,027
92,461
Amortization of intangible assets
34,481
38,231
103,120
115,351
Restructuring
407
—
28,131
—
Total operating expenses
292,658
282,171
901,921
852,233
Income (loss) from operations
32,064
2,589
(3,269
)
(3,295
)
Interest income
10,447
2,813
27,950
4,308
Interest expense
(39,327
)
(22,185
)
(111,844
)
(51,570
)
Other income, net
5,519
3,963
8,680
12,020
Income (loss) before income taxes
8,703
(12,820
)
(78,483
)
(38,537
)
Income tax (benefit) expense
(70,573
)
2,782
111,061
10,757
Net income (loss)
$
79,276
$
(15,602
)
$
(189,544
)
$
(49,294
)
Net income (loss) per share attributable to Class A and Class B-1 common stockholders:
Basic
$
0.27
$
(0.06
)
$
(0.66
)
$
(0.18
)
Diluted
$
0.27
$
(0.06
)
$
(0.66
)
$
(0.18
)
Weighted-average shares used in computing net income (loss) per share:
Basic
289,354
281,859
287,133
280,361
Diluted
296,556
281,859
287,133
280,361
INFORMATICA INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except par value data)
September 30,
December 31,
2023
2022
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
612,107
$
497,879
Short-term investments
256,986
218,256
Accounts receivable, net of allowances of $5,088 and $4,608, respectively
273,355
454,759
Contract assets, net
89,455
95,221
Prepaid expenses and other current assets
125,053
132,638
Total current assets
1,356,956
1,398,753
Property and equipment, net
152,464
160,574
Operating lease right-of-use-assets
58,055
67,735
Goodwill
2,340,632
2,337,036
Customer relationships intangible asset, net
698,152
794,898
Other intangible assets, net
22,079
33,094
Deferred tax assets
16,428
13,076
Other assets
152,991
165,733
Total assets
$
4,797,757
$
4,970,899
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
7,956
$
38,002
Accrued liabilities
39,049
58,844
Accrued compensation and related expenses
106,748
150,118
Current operating lease liabilities
16,365
17,514
Current portion of long-term debt
18,750
18,750
Income taxes payable
28,951
3,758
Contract liabilities
599,675
676,470
Total current liabilities
817,494
963,456
Long-term operating lease liabilities
46,279
55,178
Long-term contract liabilities
14,696
23,007
Long-term debt, net
1,809,891
1,821,760
Deferred tax liabilities
27,296
18,604
Long-term income taxes payable
37,810
30,601
Other liabilities
3,778
3,932
Total liabilities
2,757,244
2,916,538
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, 2023 and December 31, 2022, respectively; 247,049 and 239,749 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively
2,471
2,398
Class B-1 common stock; $0.01 par value per share; 200,000 and 200,000 shares authorized as of September 30, 2023 and December 31, 2022, respectively; 44,050 and 44,050 shares issued and outstanding as of September 30, 2023 and December 31, 2022, 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, 2023 and December 31, 2022, respectively; 44,050 and 44,050 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively
—
—
Additional paid-in-capital
3,466,037
3,282,383
Accumulated other comprehensive income (loss)
(55,690
)
(47,671
)
Accumulated deficit
(1,372,745
)
(1,183,189
)
Total stockholders’ equity
2,040,513
2,054,361
Total liabilities and stockholders’ equity
$
4,797,757
$
4,970,899
INFORMATICA INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2023
2022
2023
2022
Operating activities:
Net income (loss)
$
79,276
$
(15,602
)
$
(189,544
)
$
(49,294
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
4,203
5,091
12,674
16,461
Non-cash operating lease costs
3,776
4,124
12,800
12,841
Stock-based compensation
56,508
34,155
162,058
97,988
Deferred income taxes
358
(27,439
)
4,356
(84,786
)
Amortization of intangible assets and acquired technology
37,494
46,934
111,896
142,127
Amortization of debt issuance costs
870
898
2,574
2,735
Amortization of investment discount, net of premium
(1,225
)
(280
)
(2,976
)
(280
)
Changes in operating assets and liabilities:
Accounts receivable
23,303
34,562
182,550
174,716
Prepaid expenses and other assets
(1,187
)
6,650
25,894
10,341
Accounts payable and accrued liabilities
(4,740
)
(2,742
)
(108,067
)
(112,792
)
Income taxes payable
(96,176
)
7,728
32,574
22,591
Contract liabilities
(43,742
)
(40,820
)
(81,484
)
(93,301
)
Net cash provided by operating activities
58,718
53,259
165,305
139,347
Investing activities:
Purchases of property and equipment
(1,804
)
(573
)
(4,919
)
(1,573
)
Purchases of investments
(107,148
)
(132,577
)
(255,073
)
(181,245
)
Maturities of investments
28,307
20,287
180,007
67,588
Sales of investments
15,712
—
39,510
—
Business acquisition, net of cash acquired
(12,476
)
—
(12,476
)
—
Net cash used in investing activities
(77,409
)
(112,863
)
(52,951
)
(115,230
)
Financing activities:
Payment of debt
(4,688
)
(4,688
)
(14,064
)
(9,376
)
Proceeds from issuance of common stock under employee stock purchase plan
12,098
19,146
28,229
32,790
Payments of offering costs
—
—
—
(2,085
)
Payments for dividends related to Class B-2 shares
—
—
(12
)
(24
)
Payments for taxes related to net share settlement of equity awards
(15,152
)
—
(26,252
)
—
Net activity from derivatives with an other-than-insignificant financing element
—
2,283
—
(4,851
)
Proceeds from issuance of shares under equity plans
12,039
5,063
19,692
17,537
Net cash provided by financing activities
4,297
21,804
7,593
33,991
Effect of foreign exchange rate changes on cash and cash equivalents
(6,302
)
(5,538
)
(5,719
)
(16,341
)
Net (decrease) / increase in cash and cash equivalents
(20,696
)
(43,338
)
114,228
41,767
Cash and cash equivalents at beginning of period
632,803
543,201
497,879
458,096
Cash and cash equivalents at end of period
$
612,107
$
499,863
$
612,107
$
499,863
Supplemental disclosures:
Cash paid for interest
$
38,027
$
23,753
$
109,089
$
54,234
Cash paid for income taxes, net of refunds
$
25,224
$
22,492
$
74,110
$
72,951
INFORMATICA INC.
NON-GAAP FINANCIAL MEASURES AND KEY BUSINESS METRICS
(in thousands, except per share data)
(unaudited)
RECONCILIATIONS OF GAAP TO NON-GAAPReconciliation of GAAP net income (loss) to Non-GAAP net income
Three Months Ended September 30,
Nine Months Ended September 30,
2023
2022
2023
2022
(in thousands)
(in thousands)
GAAP net income (loss)
$
79,276
$
(15,602
)
$
(189,544
)
$
(49,294
)
Stock-based compensation
56,508
34,155
162,058
97,988
Amortization of intangibles
37,494
46,934
111,896
142,127
Equity compensation
—
19
—
147
Restructuring
407
—
28,131
—
Acquisition costs
1,584
—
1,584
—
Executive severance
—
33
—
99
Income tax effect
(94,653
)
(12,932
)
59,269
(35,662
)
Non-GAAP net income
$
80,616
$
52,607
$
173,394
$
155,405
Net income (loss) per share:
Net income (loss) per share—basic
$
0.27
$
(0.06
)
$
(0.66
)
$
(0.18
)
Net income (loss) per share—diluted
$
0.27
$
(0.06
)
$
(0.66
)
$
(0.18
)
Non-GAAP net income per share—basic
$
0.28
$
0.19
$
0.60
$
0.55
Non-GAAP net income per share—diluted
$
0.27
$
0.18
$
0.59
$
0.54
Share count (in thousands):
Weighted-average shares used in computing Net income (loss) per share—basic
289,354
281,859
287,133
280,361
Weighted-average shares used in computing Net income (loss) per share—diluted
296,556
281,859
287,133
280,361
Weighted-average shares used in computing Non-GAAP net income per share—basic
289,354
281,859
287,133
280,361
Weighted-average shares used in computing Non-GAAP net income per share—diluted
296,556
286,794
292,072
285,163
Reconciliation of GAAP income (loss) from operations to Non-GAAP income from operations
Three Months Ended September 30,
Nine Months Ended September 30,
2023
2022
2023
2022
(in thousands)
(in thousands)
GAAP income (loss) from operations
$
32,064
$
2,589
$
(3,269
)
$
(3,295
)
Stock-based compensation
56,508
34,155
162,058
97,988
Amortization of intangibles
37,494
46,934
111,896
142,127
Equity compensation
—
19
—
147
Restructuring
407
—
28,131
—
Acquisition costs
1,584
—
1,584
—
Non-GAAP income from operations
$
128,057
$
83,697
$
300,400
$
236,967
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,
2023
2022
2023
2022
2023
(in thousands)
(in thousands)
(in thousands)
GAAP net income (loss)
$
79,276
$
(15,602
)
$
(189,544
)
$
(49,294
)
$
(193,925
)
Income tax (benefit) expense
(70,573
)
2,782
111,061
10,757
119,782
Interest income
(10,447
)
(2,813
)
(27,950
)
(4,308
)
(32,866
)
Interest expense
39,327
22,185
111,844
51,570
138,294
Other income, net
(5,519
)
(3,963
)
(8,680
)
(12,020
)
(5,656
)
Stock-based compensation
56,508
34,155
162,058
97,988
199,932
Amortization of intangibles
37,494
46,934
111,896
142,127
158,594
Equity compensation
—
19
—
147
185
Restructuring
407
—
28,131
—
28,131
Acquisition costs
1,584
—
1,584
—
1,584
Depreciation
4,132
5,092
12,540
16,286
17,261
Adjusted EBITDA
$
132,189
$
88,789
$
312,940
$
253,253
$
431,316
Adjusted Unlevered Free Cash Flows
Three Months Ended September 30,
Nine Months Ended September 30,
2023
2022
2023
2022
(in thousands, except percentages)
(in thousands, except percentages)
Total GAAP Revenue
$
408,563
$
371,951
$
1,149,982
$
1,106,337
Net cash provided by operating activities
$
58,718
$
53,259
$
165,305
$
139,347
Less: Purchases of property, plant, and equipment
(1,804
)
(573
)
(4,919
)
(1,573
)
Add: Equity compensation payments
47
159
168
504
Add: Executive severance
—
—
—
3,919
Add: Restructuring costs
1,144
182
26,764
575
Adjusted Free Cash Flow (after-tax)(1)
$
58,105
$
53,027
$
187,318
$
142,772
Add: Cash paid for interest
38,027
23,753
109,089
54,234
Adjusted Unlevered Free Cash Flows (after-tax)(1)
$
96,132
$
76,780
$
296,407
$
197,006
Adjusted Free Cash Flow (after-tax) margin(1)
14
%
14
%
16
%
13
%
Adjusted Unlevered Free Cash Flows (after-tax) margin(1)
24
%
21
%
26
%
18
%
(1) Includes cash tax payments of $25.3 million and $22.5 million for the three months ended September 30, 2023 and 2022, respectively and $74.1 million and $73.0 million for the nine months ended September 30, 2023 and 2022, respectively.
Key Business Metrics
September 30,
2023
2022
(in thousands, except percentages)
Cloud Subscription Annual Recurring Revenue
$
549,507
$
400,271
Self-managed Subscription Annual Recurring Revenue
527,687
536,123
Subscription Annual Recurring Revenue
1,077,194
936,394
Maintenance Annual Recurring Revenue on Perpetual Licenses
498,697
531,357
Total Annual Recurring Revenue
$
1,575,891
$
1,467,751
Subscription Net Retention Rate
106
%
112
%
Cloud Subscription Net Retention Rate
118
%
115
%
INFORMATICA INC.
SUPPLEMENTAL INFORMATION
Additional Business Metrics
September 30,
2023
2022
Maintenance Renewal Rate
95
%
96
%
Subscription Renewal Rate
94
%
94
%
Customers that spend more than $1 million in Subscription Annual Recurring Revenue(1)
224
191
Customers that spend more than $100,000 in Subscription Annual Recurring Revenue(2)
1,978
1,852
Cloud transactions processed per month in trillions(3)
71.3
44.5
(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.
Net Debt Reconciliation
September 30,
December 31
2023
2022
(in millions)
Dollar Term Loan
$
1,847
$
1,861
Less: Cash, cash equivalents, and short-term investments
(869
)
(716
)
Total net debt
$
978
$
1,145
View source version on businesswire.com: https://www.businesswire.com/news/home/20231101362347/en/
Investor Relations: Victoria Hyde-Dunn vhydedunn@informatica.com
Public Relations: prteam@informatica.com
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