Achieves 47 Percent Year-Over-Year
Subscription Revenue Growth
- Total revenues up 3 percent to $250.5 million and up 7
percent on a constant currency basis
- Record subscription revenues, up 47 percent
year-over-year to $21.3 million and up 51 percent on a constant
currency basis
- Software revenues up 1 percent year-over-year to $103.7
million and up 5 percent on a constant currency basis
- Record deferred revenues, up 11 percent year-over-year
to $345.4 million and up 19 percent on a constant currency
basis
Informatica Corporation (Nasdaq:INFA), the world's number one
independent provider of enterprise data integration software and
services, today announced financial results for the first quarter
ended March 31, 2015.
"In the first quarter of 2015, we delivered on our growth plans
with strong results across our diversified portfolio, particularly
cloud and big data products," said Sohaib Abbasi, chairman and
chief executive officer, Informatica. "These encouraging early
results bode well for our next phase to grow Informatica into a
multi-billion dollar company in all things data."
Financial Highlights for the First Quarter and Year
Ended March 31, 2015
Total revenues for the first quarter of 2015 were $250.5
million, an increase of 3 percent from $243.1 million in the first
quarter of 2014. Software revenues were $103.7 million, an increase
of 1 percent from $103.0 million in the first quarter of 2014, and
up 5 percent on a constant currency basis. Within software
revenues, license revenues were $82.4 million, down 7 percent
year-over-year, and subscription revenues were $21.3 million, up 47
percent year-over-year. Total revenues were negatively impacted by
larger than expected currency fluctuations as well as greater than
planned deferral of license bookings. Using currency exchange rates
from the first quarter of 2014, total revenues would have been
$10.6 million higher, subscription revenue would have been $0.6
million higher and software revenue would have been $4.7 million
higher.
Income from operations for the first quarter of 2015, calculated
in accordance with U.S. generally accepted accounting principles
(GAAP), was $32.2 million, down 12 percent from $36.8 million in
the first quarter of 2014.
GAAP net income for the first quarter of 2015 was $21.6 million,
down 13 percent from $24.9 million in the first quarter of 2014,
and GAAP net income per diluted share was $0.20, down 9 percent
from $0.22 per diluted share in the first quarter of 2014.
Non-GAAP income from operations for the first quarter of 2015
was $52.5 million, down 7 percent from $56.7 million in the first
quarter of 2014. Non-GAAP net income for the first quarter of 2015
was $36.9 million, down 7 percent from $39.5 million in the first
quarter of 2014 and non-GAAP net income per diluted share was
$0.34, down 3 percent from $0.35 per diluted share in the first
quarter of 2014. These non-GAAP results exclude charges and tax
benefits related to the amortization of acquired technology and
intangible assets, acquisition and other charges, acquisition
integration-related tax expenses, professional service fees related
to non-routine corporate governance and stockholder matters, and
stock-based compensation. A reconciliation of GAAP results to
non-GAAP results is included below.
Deferred revenue for the first quarter of 2015 was $345.4
million, up from $312.1 million in the first quarter for 2014.
Using currency exchange rates from the first quarter of 2014,
deferred revenue would have been $26.8 million higher, and growth
would have been 19 percent in the first quarter of 2015.
Additional Highlights Since January 2015:
- Announced Agreement to be Acquired by the Permira Funds
and Canada Pension Plan Investment Board. In a transaction
valued at approximately $5.3 billion, Informatica stockholders will
receive $48.75 in cash for each share of Informatica common stock,
under the terms of the agreement. The transaction is expected to be
completed in either the second or the third quarter of 2015,
subject to receipt of stockholder approval, as well as satisfaction
of other customary closing conditions.
- Announced Informatica Secure@Source, the industry's
first Data Security Intelligence solution. Informatica
Secure@Source provides organizations data security intelligence to
identify and visualize sensitive data wherever it resides, inside
or outside of the corporate perimeter.
- Announced that Informatica PowerCenter, Big Data
Edition (BDE), B2B Data Exchange and Data Quality are now available
to run on Amazon Web Services (AWS). Customers can deploy
Informatica products on AWS, while taking advantage of
Informatica's award-winning support services.
- Partnered with Capgemini and Pivotal for Business Data
Lake ecosystem. Informatica launched a co-innovation
partnership with Pivotal and Capgemini to jointly deliver a
comprehensive Data Lake solution on Hadoop to ingest, prepare,
provision and govern data for a variety of big data and analytics
projects.
- Announced collaboration with NTT Data
Corporation. NTT Data launched a new Informatica-based
solution in Japan for customers in industries where analytics is in
high demand, particularly manufacturing, retail and financial
services sectors. The offering combines the proven product
capabilities of Informatica with NTT DATA's expertise in systems
integration.
- Positioned as leader in Gartner's 2015 Magic Quadrant
for Enterprise Integration Platform as a Service (iPaaS).
In the report, Informatica was positioned the highest on the Magic
Quadrant for Ability to Execute.
- Positioned by Gartner as leader in the Gartner Critical
Capabilities for Data Quality Tools report.
Informatica earned the highest score in the
Master Data Management use-case category and was among the four
highest scoring vendors in all six use-case categories.
- Positioned as leader in the Forrester Wave™: Enterprise
Data Virtualization, Q1 2015 report. Informatica
received the highest score for current offering and strategy for
its agile data integration platform.
Informatica will not be holding an earnings conference call to
discuss its first quarter 2015 results. Additionally,
Informatica is canceling the Analyst Day that was previously
scheduled to take place on May 12, 2015 and withdrawing previously
provided financial guidance.
About Informatica
Informatica Corporation (Nasdaq:INFA) is the world's number one
independent provider of enterprise data
integration software and services. Organizations around the
world rely on Informatica to realize their information
potential and drive top business imperatives. Informatica
Vibe, the industry's first and only embeddable virtual data machine
(VDM), powers the unique "Map Once. Deploy Anywhere." capabilities
of the Informatica Platform. Worldwide, over 5,500 enterprises
depend on Informatica to fully leverage their information assets
from devices to mobile to social to big data residing on-premise,
in the Cloud and across social networks. For more
information, call +1 650-385-5000 (1-800-653-3871 in the U.S.), or
visit www.informatica.com.
Non-GAAP Financial Information
To supplement Informatica's condensed consolidated financial
statements prepared and presented on a GAAP basis, Informatica uses
non-GAAP financial measures of constant currency subscription
revenues, constant currency software revenues, constant currency
total revenues, and constant currency deferred revenues, income
from operations, percentage of income from operations to total
revenues, net income and net income per share. These measures are
adjusted from subscription revenues, software revenues, total
revenues, deferred revenues, income from operations, percentage of
income from operations to total revenues, net income or net income
per share prepared in accordance with GAAP to exclude the charges
and expenses discussed below. The presentation of these non-GAAP
financial measures is not meant to be considered in isolation or as
a substitute for, or superior to, subscription revenues, software
revenues, total revenues, deferred revenues, income from
operations, net income or net income per share prepared in
accordance with GAAP.
Informatica believes the disclosure of such non-GAAP financial
measures is appropriate to enhance an overall understanding of its
financial performance, its financial and operational decision
making and as a means to evaluate period to period comparisons.
These adjustments to the Company's GAAP results are made with the
intent of providing both management and investors a more complete
understanding of Informatica's performance, by excluding certain
expenses and expenditures, such as non-cash charges and discrete
charges that are infrequent in nature that may not be indicative of
its underlying operating results. In addition, Informatica believes
that these non-GAAP financial measures are useful to investors
because they allow for greater transparency into the indicators
used by management as a basis for its financial and operational
decision making. Informatica believes that the disclosure of these
non-GAAP financial measures provides consistency and comparability
of its recent financial results with its historical financial
results, as well as to the operating results of other companies in
Informatica's industry, many of which present non-GAAP financial
measures to investors. In addition, Informatica believes that
both management and investors benefit from referring to these
non-GAAP financial measures when planning, analyzing and
forecasting future periods.
There are limitations in using non-GAAP financial measures
because non-GAAP financial measures are not prepared in accordance
with GAAP, do not reflect a comprehensive system of accounting, may
have a material impact on our reported financial results, and
exclude some recurring expenses, particularly stock-based
compensation. Stock-based compensation will continue to be a
significant recurring expense for the foreseeable future and such
stock-based compensation is an important part of employees'
compensation, which can impact their
performance. Informatica's non-GAAP financial measures may
differ from those of other companies in our industry due to
potential differences in their financing and accounting methods,
the book value of their assets, their capital structures, the
method by which their assets were acquired and the manner in which
they define non-GAAP measures. Furthermore, the items
Informatica excludes in its non-GAAP financial measures may differ
from the components its peer companies exclude when they report
their non-GAAP measures. In addition, they are subject to inherent
limitations as they reflect the exercise of judgments by management
about which charges are excluded from the non-GAAP financial
measures. Management compensates for these limitations by providing
specific information regarding the GAAP amounts excluded from
non-GAAP measures and evaluating non-GAAP measures together with
the corresponding measures calculated in accordance with GAAP.
Forward Looking Statements
This press release includes forward looking statements, such as
those related to our growth opportunities and the timing of the
proposed transaction. Forward-looking statements are subject to
risks and uncertainties that may cause actual results to differ
materially from the statements made in this press release.
Potential risks and uncertainties that could cause actual results
to differ include, among others, risks and uncertainties related to
competition, product introductions and enhancements, quarterly and
seasonal fluctuations, macroeconomic and geopolitical conditions,
our ability to forecast sales and trends in our business,
reductions in our sales pipeline and pipeline conversion rates,
changes to our sales cycles, changes in our product offering
strategies, our international operations and the loss of key
personnel. A discussion of these and other risks and
uncertainties is included in our recent SEC filings, including our
most recent report on Form 10-Q. Copies of these documents may be
obtained from the SEC, by contacting our investor relations
department or from our investor relations website at
www.informatica.com/investor. All information provided in this
press release is as of April 22, 2015, and Informatica assumes
no obligation and does not intend to update or revise any
forward-looking statements made in this press release as a result
of new information or future events.
Additional Information and Where to Find It
In connection with the proposed transaction, Informatica
will file with the SEC and furnish to Informatica's stockholders a
proxy statement. Stockholders are urged to read the proxy statement
when it becomes available because it will contain important
information about the proposed transaction. Investors and security
holders may obtain a free copy of documents filed by Informatica
with the SEC at the SEC's website at http://www.sec.gov. In
addition, investors and security holders may obtain a free copy of
Informatica's filings with the SEC from Informatica's website at
http://investor.informatica.com/financial-info/sec-filings/default.aspx
or by directing a request to: Informatica Corporation, 2100 Seaport
Blvd, Redwood City, CA, 94063, Attn: Investor Relations,
(650) 385-5261.
Informatica and certain of its directors, executive officers and
affiliates may be deemed to be participants in the solicitation of
proxies from stockholders of Informatica in favor of the proposed
merger. Information about the directors and executive officers of
Informatica is set forth in the proxy statement for Informatica's
2014 annual meeting of stockholders, as filed with the SEC on
Schedule 14A on April 8, 2014. Additional information
regarding the interests of these individuals and other persons who
may be deemed to be participants in the solicitation will be
included in the proxy statement Informatica will file with the
SEC.
Note: Informatica, PowerCenter, Informatica Vibe, Informatica
Platform, Informatica Cloud, Informatica Big Data Edition,
Informatica B2B Data Exchange, Informatica Data Quality and
Secure@Source are trademarks or registered trademarks of
Informatica Corporation in the United States and in jurisdictions
throughout the world. All other company and product names may be
trade names or trademarks of their respective owners.
INFORMATICA
CORPORATION |
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME |
(in thousands, except
per share data) |
(unaudited) |
|
|
|
|
Three Months
Ended |
|
March
31, |
|
2015 |
2014 |
Revenues: |
|
|
Software |
$ 103,726 |
$ 103,043 |
Service |
146,810 |
140,054 |
Total
revenues |
250,536 |
243,097 |
Cost of revenues: |
|
|
Software |
3,376 |
3,119 |
Service |
40,551 |
40,229 |
Amortization of acquired
technology |
2,750 |
3,985 |
Total cost of
revenues |
46,677 |
47,333 |
Gross profit |
203,859 |
195,764 |
Operating expenses: |
|
|
Research and development |
50,677 |
45,685 |
Sales and marketing |
97,402 |
91,584 |
General and administrative |
22,457 |
20,053 |
Amortization of intangible
assets |
1,091 |
1,536 |
Acquisitions and other
charges |
— |
89 |
Total operating
expenses |
171,627 |
158,947 |
Income from operations |
32,232 |
36,817 |
Interest and other income, net |
1,153 |
942 |
Income before income taxes |
33,385 |
37,759 |
Income tax provision |
11,828 |
12,906 |
Net income |
$ 21,557 |
$ 24,853 |
Net income per share: |
|
|
Basic |
$ 0.20 |
$ 0.23 |
Diluted |
$ 0.20 |
$ 0.22 |
Shares used in per share calculation: |
|
|
Basic |
105,928 |
109,164 |
Diluted |
107,424 |
111,935 |
|
|
|
|
|
|
INFORMATICA
CORPORATION |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
(in
thousands) |
|
|
|
|
March
31, |
December
31, |
|
2015 |
2014 |
|
(Unaudited) |
|
Assets |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ 257,236 |
$ 368,531 |
Short-term investments |
241,478 |
353,130 |
Accounts receivable, net of
allowances of $3,549 and $3,465, respectively |
164,219 |
235,705 |
Deferred tax assets |
44,538 |
46,867 |
Prepaid expenses and other
current assets |
32,720 |
25,447 |
Total current
assets |
740,191 |
1,029,680 |
Property and equipment, net |
155,699 |
159,708 |
Goodwill and intangible assets, net |
581,990 |
594,357 |
Long-term deferred tax assets |
32,677 |
32,032 |
Other assets |
17,247 |
13,809 |
Total assets |
$ 1,527,804 |
$ 1,829,586 |
Liabilities and Stockholders'
Equity |
|
|
Current liabilities: |
|
|
Accounts payable and other
current liabilities |
$ 115,990 |
$ 160,749 |
Income taxes payable |
2,694 |
6,895 |
Deferred revenues |
328,007 |
324,296 |
Total current
liabilities |
446,691 |
491,940 |
Long-term deferred revenues |
17,392 |
14,679 |
Long-term income taxes payable |
28,347 |
30,350 |
Other liabilities |
3,577 |
3,666 |
Stockholders' equity |
1,031,797 |
1,288,951 |
Total liabilities and
stockholders' equity |
$ 1,527,804 |
$ 1,829,586 |
|
|
|
|
|
|
INFORMATICA
CORPORATION |
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS |
(in
thousands) |
(unaudited) |
|
|
|
|
Three Months
Ended |
|
March
31, |
|
2015 |
2014 |
Operating activities: |
|
|
Net income |
$ 21,557 |
$ 24,853 |
Adjustments to reconcile net income to net
cash provided by operating activities: |
|
|
Depreciation and
amortization |
4,770 |
4,300 |
Stock-based compensation |
15,090 |
14,246 |
Deferred income taxes |
1,169 |
(2,063) |
Tax benefits from stock-based
compensation |
1,527 |
284 |
Excess tax benefits from
stock-based compensation |
(1,846) |
(1,660) |
Amortization of intangible
assets and acquired technology |
3,841 |
5,521 |
Changes in operating assets and
liabilities: |
|
|
Accounts
receivable |
71,486 |
43,360 |
Prepaid expenses
and other assets |
(7,367) |
(3,127) |
Accounts payable
and accrued liabilities |
(44,195) |
(27,845) |
Income taxes
payable |
(6,703) |
(9,101) |
Deferred
revenues |
6,911 |
13,975 |
Net
cash provided by operating activities |
66,240 |
62,743 |
Investing activities: |
|
|
Purchases of property and equipment |
(2,330) |
(6,200) |
Purchases of investments |
(17,567) |
(104,490) |
Investment in equity interest, net |
(534) |
— |
Maturities and sales of investments |
129,101 |
62,932 |
Net cash provided by (used in)
investing activities |
108,670 |
(47,758) |
Financing activities: |
|
|
Net proceeds from issuance of common
stock |
25,596 |
23,303 |
Repurchases and retirement of common
stock |
(300,000) |
(23,323) |
Withholding taxes related to restricted stock
units net share settlement |
(4,719) |
(3,056) |
Payment of contingent consideration |
— |
(3,061) |
Excess tax benefits from stock-based
compensation |
1,846 |
1,660 |
Net cash used in financing
activities |
(277,277) |
(4,477) |
Effect of foreign exchange rate changes on
cash and cash equivalents |
(8,928) |
122 |
Net increase (decrease) in cash
and cash equivalents |
(111,295) |
10,630 |
Cash and cash equivalents at beginning of the
year |
368,531 |
297,818 |
Cash and cash equivalents at end of the
period |
$ 257,236 |
$ 308,448 |
|
|
|
|
|
|
INFORMATICA
CORPORATION |
GAAP TO NON-GAAP
RESULTS |
(in thousands, except
per share data) |
(unaudited) |
|
|
|
|
Three Months
Ended |
|
March
31, |
|
2015 |
2014 |
|
|
|
Total revenues |
$ 250,536 |
$ 243,097 |
|
|
|
Operating income: |
|
|
|
|
|
GAAP operating income |
$ 32,232 |
$ 36,817 |
|
|
|
Percentage of GAAP operating income to total
revenues |
13% |
15% |
|
|
|
Plus: |
|
|
Amortization of acquired
technology - Cost of revenues(1) |
2,750 |
3,985 |
Amortization of intangible
assets - Operating expenses(1) |
1,091 |
1,536 |
Acquisitions and other charges
- Operating expenses(2) |
— |
89 |
Professional service fees
related to non-routine corporate governance and stockholder
matters(3) |
1,358 |
— |
Stock-based compensation - Cost
of revenues and Operating expenses (4) |
15,090 |
14,246 |
Non-GAAP operating income |
52,521 |
56,673 |
|
|
|
Percentage of Non-GAAP operating income to
total revenues |
21% |
23% |
|
|
|
Net income: |
|
|
|
|
|
GAAP net income |
$ 21,557 |
$ 24,853 |
|
|
|
Plus: |
|
|
Amortization of acquired
technology - Cost of revenues(1) |
2,750 |
3,985 |
Amortization of intangible
assets - Operating expenses(1) |
1,091 |
1,536 |
Acquisitions and other charges
- Operating expenses(2) |
— |
89 |
Professional service fees
related to non-routine corporate governance and stockholder
matters(3) |
1,358 |
— |
Stock-based compensation - Cost
of revenues and Operating expenses (4) |
15,090 |
14,246 |
Income tax adjustments(5) |
(4,966) |
(5,180) |
Non-GAAP net income |
$ 36,880 |
$ 39,529 |
|
|
|
Diluted net income per
share: |
|
|
|
|
|
Diluted GAAP net income per share |
$ 0.20 |
$ 0.22 |
|
|
|
Plus: |
|
|
Amortization of acquired
technology(1) |
0.03 |
0.04 |
Amortization of intangible
assets(1) |
0.01 |
0.01 |
Acquisitions and other
charges(2) |
— |
— |
Professional service fees
related to non-routine corporate governance and stockholder
matters(3) |
0.01 |
— |
Stock-based compensation
(4) |
0.14 |
0.13 |
Income tax adjustments(5) |
(0.05) |
(0.05) |
Diluted Non-GAAP net income per share |
$ 0.34 |
$ 0.35 |
|
|
|
Shares used in computing diluted Non-GAAP net
income per share |
107,424 |
111,935 |
|
|
|
|
|
|
(1) Informatica incurs
amortization of acquired technology and intangible assets in
connection with acquisitions of certain businesses and
technologies. Amortization of acquired technology and
intangible assets is inconsistent in amount and frequency and is
significantly affected by the timing and size of acquisitions.
Investors should note that the use of acquired technology and
intangible assets contributed to revenues earned during the periods
presented and will contribute to future period revenues as well.
Amortization of acquired technology and intangible assets will
recur in future periods. |
(2) Informatica excludes certain
expense items resulting from acquisitions including the following,
when applicable: (1) legal, accounting, tax, bankers' and other
professional service fees to the extent associated with
acquisitions; and (ii) changes in fair value and other adjustments
of contingent consideration, adjustments related to hold-back, and
severance liabilities to former employees of acquirees. Informatica
considers these adjustments, to some extent, to be unpredictable
and dependent on the frequency and size of acquisitions that occur
during a given period. Furthermore, acquisitions result in
non-continuing operating expenses, which would not otherwise have
been incurred in the normal course of organic business operations,
with respect to each acquisition. |
(3) Beginning in Q1 2015,
Informatica incurred professional service fees related to
non-routine corporate governance and stockholder matters. |
(4) Informatica excludes
stock-based compensation expenses from non-GAAP measures primarily
because these are non-cash expenses and management finds it useful
to exclude certain non-cash charges to assess the appropriate level
of various operating expenses to assist in budgeting, planning and
forecasting future periods. Moreover, Informatica believes that it
enhances comparability with similar companies' operating results by
excluding stock compensation in its non-GAAP financial measures
because of the different types of stock-based awards that companies
may grant and because ASC 718 ("Stock Compensation") allows
companies to use different valuation methodologies and subjective
assumptions. |
(5) The income tax effects that
are excluded from the non-GAAP measures relate to the tax impact on
the difference between GAAP and non-GAAP expenses, primarily relate
to stock-based compensation and amortization of acquired technology
and intangible assets, for GAAP and non-GAAP measures. |
|
The allocation of the stock-based
compensation for the three months ended March 31, 2015 and 2014 are
as follows: |
|
Three Months
Ended |
|
March
31, |
|
2015 |
2014 |
Cost of service revenues |
$ 1,539 |
$ 1,464 |
Operating expenses: |
|
|
Research and development |
5,060 |
4,662 |
Sales and marketing |
4,769 |
4,706 |
General and administrative |
3,722 |
3,414 |
Total stock-based
compensation |
$ 15,090 |
$ 14,246 |
CONTACT: Debbie O'Brien
Global Communications
+ 1 650 385 5735
dobrien@informatica.com
Stephanie Wakefield
Investor Relations
+ 1 650 385 5261
swakefield@informatica.com
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