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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 | |
|---|---|---|---|---|---|---|---|---|
| -0.09 | -0.34% | 26.36 | 26.81 | 26.25 | 26.75 | 1,476,428 | 23:01:02 |
From Nov 2024 to Nov 2024
Informatica (NYSE: INFA), a leader in enterprise AI-powered cloud data management, today announced financial results for its third quarter 2024, ended September 30, 2024.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241030921377/en/
Source: Informatica Q3 2024
“Q3 was another impressive quarter for us, driven by customer demand for the IDMC platform and continued successful execution of our cloud-only, consumption-driven strategy. We achieved a historic milestone at Informatica by surpassing 101 trillion processed cloud transactions per month. This accomplishment reflects our commitment to product innovation, customer-centricity, and our goal of being the Switzerland of Data and AI,” said Amit Walia, Chief Executive Officer at Informatica. “We see great momentum in AI-powered data management use cases. We believe Informatica is well-positioned to strategically support enterprises and empower customers to leverage AI for data readiness and simplify their data estates.”
Third Quarter 2024 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 2024 Business Highlights:
Product Innovation and Business Updates:
Industry Recognition:
Ithaca L.P. Update:
Share Repurchase Authorization:
Upcoming Events:
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:
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:
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)
Forecast Rate (as of 10/1/24)
EUR/$
1.10
1.11
GBP/$
1.27
1.34
$/CAD
1.32
1.35
$/JPY
141
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:
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.
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030921377/en/
Investor Relations: Victoria Hyde-Dunn vhydedunn@informatica.com
Public Relations: prteam@informatica.com
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