Achieves 30 Percent License Revenue Growth
- Record first quarter total revenues of $168.0 million, up 24 percent year-over-year
- Record first quarter license revenues of $71.5 million, up 30 percent year-over-year
- Record first quarter GAAP earnings per diluted share of $0.20 and record first quarter non-GAAP earnings per diluted share of $0.28
REDWOOD CITY, Calif., April 21, 2011 (GLOBE NEWSWIRE) -- Informatica Corporation (Nasdaq:INFA), the world's number one independent provider of data integration software, today announced financial results for the first quarter ended March 31, 2011.
"The secular technology trends of cloud computing and big data are expanding our addressable market as well as elevating the critical role of data integration within the IT infrastructure," said Sohaib Abbasi, chairman and CEO, Informatica. "Our first quarter results are yet further evidence that Informatica's value proposition aligns well with the top priorities of our customers. In these uncertain times of change, data integration matters more than ever."
Financial Highlights for the First Quarter Ended March 31, 2011
Total revenues for the first quarter of 2011 were a record $168.0 million, an increase of 24 percent from $135.1 million recorded in the first quarter of 2010. License revenues were $71.5 million, an increase of 30 percent from the $55.0 million recorded in the first quarter of 2010.
Income from operations for the first quarter of 2011, calculated in accordance with U.S. generally accepted accounting principles (GAAP), was $31.9 million, up 114 percent from $14.9 million in the first quarter of 2010.
GAAP net income for the first quarter of 2011 was $21.9 million or $0.20 per diluted share, up over 66 percent from $11.8 million or $0.12 per diluted share in the first quarter of 2010. For the three-month periods ended March 31, 2011 and March 31, 2010, respectively, earnings per diluted share is calculated on an "if converted" basis, including the add-back of $0.8 million and $1.0 million of interest and convertible notes issuance cost amortization, net of applicable income taxes.
Non-GAAP income from operations for the first quarter of 2011 was $44.6 million, up 48 percent from $30.2 million in the first quarter of 2010. Non-GAAP net income for the first quarter of 2011 was $30.9 million or $0.28 per diluted share, up over 33 percent from $21.1 million or $0.21 per diluted share in the first quarter of 2010. Non-GAAP income from operations and non-GAAP net income exclude charges and tax benefits related to the amortization of acquired technology and intangible assets, facilities restructurings, acquisitions and other expenses, investment gains and stock compensation. A reconciliation of GAAP results to non-GAAP results is included below.
Additional Highlights Since January 2011:
- Signed Repeat Business with 252 Customers. Customers continue to derive considerable value from their investments in Informatica solutions. Repeat customers included: Best Buy Europe, Express Scripts, John Wiley & Sons, Logitech, McGraw-Hill Companies, Schneider Electric Industries and Vale.
- Added 68 New Customers. Informatica increased its customer base this quarter to 4,350 companies. New customers included: Art.com, Cannery Casino Resorts, DineEquity, Dunnhumby, Leaf Holland, PKO Bank Polski, and UltraTech Cement.
- Announced Partnership with NetSuite to Deliver First Cloud Two-Tier ERP Solution. Combining Informatica's enterprise data integration with NetSuite's cloud ERP suites, global companies can extend and integrate their on-premise enterprise systems with cloud-based ERP solutions for their regional subsidiaries and divisions.
- Informatica Customer LMAX Won "Best Trading System" Award. LMAX was recognized at the prestigious Financial Services Technology Awards event in London as the "Best Trading System" for its multilateral trading facility powered by Informatica Ultra Messaging.
- Named a Finalist in Two Categories of the Software & Information Industry Association's 26 Informatica Cloud has been named a Finalist for Best Cloud Management Solution and Best Integration Solution. By being named a finalist in the annual industry peer-reviewed awards, Informatica has been recognized for its outstanding achievement, innovation and vision in the software and information industry.
- Awarded "Best Of The Best" Status In Annual Industry Benchmark. Informatica Professional Services was ranked in the top five percent of Professional Services organizations in the annual Service Performance Insight (SPI) Research's 2011 Professional Services Maturity Model Benchmark Survey. SPI Research conducts an annual benchmark to measure performance against industry leaders.
- Named Finalist in the Fifth Annual Stevie Awards for Sales and Customer Service 2011. Informatica Global Customer Support was a finalist in the Innovation in Customer Service category. The awards honor customer service and sales professionals that display outstanding performance in the workplace, highlighting the results achieved for their customers.
Conference Call and Webcast
Informatica will discuss its first quarter 2011 results on a conference call today beginning at 2:00 p.m. PDT. A live webcast of the conference call will be available at . A replay of the call will also be available by dialing 706-645-9291, reservation number 57566284.
About Informatica
Informatica Corporation (Nasdaq:INFA) is the world's number one independent provider of data integration software. Organizations around the world turn to Informatica to gain a competitive advantage in today's global information economy with timely, relevant and trustworthy data for their top business imperatives. Worldwide, 4,350 enterprises rely on Informatica for data integration and data quality solution to access, integrate and trust their information assets held in the traditional enterprise, off premise and in the Cloud. For more information, call +1 650-385-5000 (1-800-653-3871 in the U.S.), or visit .
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 income from operations, net income and net income per share. These measures are adjusted from income from operations, net income or net income per share prepared in accordance with GAAP to exclude the charges and expenses discussed above. The presentation of these non-GAAP financial measures are not meant to be considered in isolation or as a substitute for, or superior to, 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, such as charges related to acquisitions, that may not be indicative of its underlying operating results. In addition, Informatica believes 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 similar companies in Informatica's industry, many of which present similar non-GAAP financial measures to investors. As an example, 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. 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 a number of limitations related to these non-GAAP financial measures: (1) the non-GAAP measures exclude some costs that are recurring, particularly stock compensation, and we believe that stock compensation will continue to be a significant recurring expense for the foreseeable future; because stock compensation is an important part of our employees' compensation, such payments can impact their performance; and (2) the items we exclude in our non-GAAP measures may differ from the components our peer companies exclude when they report their non-GAAP 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 contains forward-looking statements, including those relating to the expansion of our markets and the critical role of data integration. Such statements involve risks and uncertainties, and actual results may differ materially from the results described in this press release. The potential risks and uncertainties that could cause actual results to differ include, among others, risks related to competition with larger companies that have longer operating histories or greater financial, technical, marketing, and other resources; and uncertainty in the state of IT spending and the growth of the market for data integration solutions in general. Additional risks and uncertainties are included under the caption "Risk Factors" in Informatica's Annual Report on Form 10-K for the year ended December 31, 2010, which has been filed with the SEC and is available on our investor relations website at . All information provided in this release is as of April 21, 2011 and Informatica undertakes no duty to update this information.
Note: Informatica, Informatica Ultra Messaging and Informatica Cloud 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.
CONTACT: Debbie O'Brien Corporate Communications + 1 650 385 5735 dobrien@informatica.com Stephanie Wakefield Investor Relations +1 650 385 5261 swakefield@informatica.com
