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Informatica Reports Record Quarterly Revenues of $276.0 Million and Record Annual Revenues of $948.2 Million

(January 23, 2014)


Achieves 19 Percent Software Revenue Growth and 18 Percent Total Revenue Growth In Fourth Quarter




  • Record fourth quarter software revenues of $134.6 million, up 19 percent year-over-year





  • Record fourth quarter total revenues of $276.0 million, up 18 percent year-over-year





  • Fourth quarter GAAP earnings per diluted share of $0.36 and record non-GAAP earnings per diluted share of $0.49





  • Annual GAAP earnings per diluted share of $0.78 and record non-GAAP earnings per diluted share of $1.44





  • Record deferred revenues of $298.1 million



REDWOOD CITY, Calif., Jan. 23, 2014 (GLOBE NEWSWIRE) -- Informatica Corporation (Nasdaq:INFA), the world's number one independent provider of data integration software, today announced financial results for the fourth quarter and year ended December 31, 2013.



"Our 2013 results demonstrate increasing customer demand and improved operational discipline," said Sohaib Abbasi, chairman and chief executive officer, Informatica. "Informatica is well-positioned for sustained growth by maintaining our singular focus and by continuing to innovate for key technology mega-trends that are elevating the role of our technology platform."


Financial Highlights for the Fourth Quarter and Year Ended December 31, 2013




Total revenues for the fourth quarter of 2013 were $276.0 million, an increase of 18 percent from $234.7 million in the fourth quarter of 2012. Software revenues were $134.6 million, an increase of 19 percent from $112.8 million in the fourth quarter of 2012. Within software revenues, license revenues were $120.8 million, up 16 percent year-over-year, and subscription revenues were $13.7 million, up 57 percent year-over-year.



Income from operations for the fourth quarter of 2013, calculated in accordance with U.S. generally accepted accounting principles (GAAP), was $61.0 million, up 37 percent from $44.6 million in the fourth quarter of 2012.



GAAP net income for the fourth quarter of 2013 was $39.9 million, up 28 percent from $31.1 million in the fourth quarter of 2012, and GAAP net income per diluted share was $0.36, up 29 percent from $0.28 per diluted share in the fourth quarter of 2012.



Non-GAAP income from operations for the fourth quarter of 2013 was $81.2 million, up 26 percent from $64.7 million in the fourth quarter of 2012. Non-GAAP net income for the fourth quarter of 2013 was $54.8 million, up 21 percent from $45.2 million in the fourth quarter of 2012 and non-GAAP net income per diluted share was $0.49, up 20 percent from $0.41 per diluted share in the fourth quarter of 2012. 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 restructuring and facility lease termination costs, building operating expenses related to the headquarters move, acquisition and other charges, acquisition integration-related tax expenses, and share-based compensation. A reconciliation of GAAP results to non-GAAP results is included below.



For the year ended December 31, 2013, total revenues were $948.2 million, up 17 percent from $811.6 million in 2012.Software revenues for the year ended December 31, 2013 were $413.7 million, up 18 percent from $350.2 million in 2012. Within software revenues, license revenues were $367.1 million, up 14 percent year-over-year, and subscription revenues were $46.7 million, up 60 percent year-over-year. GAAP income from operations for the year ended December 31, 2013 was $138.9 million, up 2 percent from $136.0 million in 2012. GAAP net income for the year ended December 31, 2013 was $86.4 million, compared to $93.2 million in 2012, and GAAP net income per diluted share was $0.78, compared to $0.83 per diluted share in 2012. Non-GAAP income from operations for the year ended December 31, 2013 was $233.0 million, up 10 percent from $212.3 million in 2012. Non-GAAP net income for the year ended December 31, 2013 was $160.7 million, up 9 percent from $147.1 million in 2012 and non-GAAP net income per diluted share was $1.44, up 10 percent from $1.31 per diluted share in 2012.



Additional Highlights Achieved Since October 2013:




  • Announced Informatica Vibe Data Stream for Machine Data. Informatica Vibe Data Stream delivers high-performance data streaming technology to capture ultra-high volumes of high-velocity machine data such as sensor data, weblog data, application log data and call detail record data.


  • Announced Informatica Dynamic Data Masking support for Hadoop. Informatica Dynamic Data Masking delivers policy-based data security for Hadoop and addresses big data security concerns.


  • Announced Informatica Cloud Winter 2014. Informatica Cloud Winter 2014 delivers advances in the areas of Cloud Data, Process Integration, Cloud Master Data Management (MDM), Cloud Test Data Management (TDM) and Cloud Connectors for hybrid IT.


  • Announced partnership with Cloudera. A joint solution for data warehouse optimization lowers costs and provides an enterprise-ready data platform that scales to meet the data storage and processing requirements for big data projects.


  • Positioned in the visionary quadrant in Gartner's 2013 Magic Quadrant report for Master Data Management (MDM) of Product Data Solutions. The Gartner report states that Informatica MDM advanced in "completeness of vision" and "ability to execute on that vision."


  • Positioned in the leaders quadrant in Gartner's 2013 Magic Quadrant report for Data Masking Technology. The Gartner report recommends that enterprises "make data masking technologies and best practices an integral part of the enterprise's software life cycle and data management processes."


  • Achieved top marks in customer loyalty for data integration, for the eighth consecutive year. According to the 2013 Data Integration Customer Satisfaction Survey conducted by independent research firm TNS, Informatica led the competitive field in total performance, with the most favorable scores for overall quality of products, product reliability and meeting customer needs for support, professional services and education/training.


  • Approved additional $100 million stock repurchase authorization. Informatica's Board of Directors has approved an additional $100 million to augment the existing authorization under the company's common stock repurchase program.



Reclassifications



During the first quarter of 2013, Informatica performed a review of the presentation of certain of the company's revenue categories and adopted a revised presentation, which Informatica believes more accurately reflects the company's evolving product and service offerings. A change was made to rename other revenues to subscription revenues and to present subscription revenues and license revenues as software revenues. Other revenues were previously presented in services revenues. A corresponding change was made to present cost of license revenues and cost of other revenues as cost of software revenues. This change in presentation will not affect total revenues, total cost of revenues or total gross margin. Conforming changes have been made for all prior periods presented.



Conference Call and Webcast



Informatica will discuss its fourth quarter and full year 2013 results on a conference call today beginning at 2:00 p.m. PT. The live conference call can be accessed at http://www.informatica.com/investor or by dialing 888-895-3521, reservation number 25900440. A replay of the call will also be available by dialing 404-537-3406, reservation number 25900440.



About Informatica



Informatica Corporation (Nasdaq:INFA) is the world's number one independent provider of data integration software. 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 5,000 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 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 is 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 related to our long term growth opportunities. 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; sales execution; and uncertainty in the state of IT spending and the growth of the market for data integration solutions. Additional risks and uncertainties are included under the caption "Risk Factors" in Informatica's Quarterly Report on Form 10-Q for the quarter ended September 30, 2013, which has been filed with the SEC and is available on our investor relations website at http://www.informatica.com. All information provided in this release is as of January 23, 2014 and Informatica undertakes no duty to update this information.



Note: Informatica, Informatica Vibe, Informatica Platform, Informatica Vibe Data Stream, Informatica Data Masking, Informatica Dynamic Data Masking, Informatica Cloud and Informatica Master Data Management, 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)

 

 

 

 

 

 

Three Months Ended

December 31,

Years Ended

December 31,

 

2013

2012

2013

2012

 

(unaudited)

(unaudited)

Revenues:

 

 

 

 

Software

$ 134,578

$ 112,828

$ 413,738

$ 350,175

Service

141,460

121,913

534,433

461,396

Total revenues

276,038

234,741

948,171

811,571

Cost of revenues:

 

 

 

 

Software

2,485

2,065

9,838

7,844

Service

39,422

32,603

149,136

122,798

Amortization of acquired technology

5,337

5,816

22,307

21,980

Total cost of revenues

47,244

40,484

181,281

152,622

Gross profit

228,794

194,257

766,890

658,949

Operating expenses:

 

 

 

 

Research and development

42,517

38,046

165,875

143,607

Sales and marketing

106,588

92,067

374,315

305,682

General and administrative

16,814

17,247

77,641

63,616

Amortization of intangible assets

1,848

1,888

7,729

6,578

Facilities restructuring and facility lease termination costs




710

Acquisitions and other charges


408

2,467

2,797

Total operating expenses

167,767

149,656

628,027

522,990

Income from operations

61,027

44,601

138,863

135,959

Interest and other income, net

394

102

1,859

1,808

Income before income taxes

61,421

44,703

140,722

137,767

Income tax provision

21,503

13,637

54,327

44,585

Net income

$ 39,918

$ 31,066

$ 86,395

$ 93,182

Net income per share:

 

 

 

 

Basic

$ 0.37

$ 0.29

$ 0.80

$ 0.86

Diluted

$ 0.36

$ 0.28

$ 0.78

$ 0.83

Shares used in per share calculation:

 

 

 

 

Basic

108,462

107,627

108,146

107,874

Diluted

111,457

110,802

111,394

112,089





















































































































































































 

 

 

INFORMATICA CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

 

 

December 31,

 

2013

2012

 

(unaudited)

 

Assets

 

 

Current assets:

 

 

Cash and cash equivalents

$ 297,818

$ 190,127

Short-term investments

379,616

345,478

Accounts receivable, net of allowances of $4,135 and $5,460, respectively

204,374

171,893

Deferred tax assets

32,898

23,350

Prepaid expenses and other current assets

34,541

29,396

Total current assets

949,247

760,244

Property and equipment, net

157,308

145,474

Goodwill and intangible assets, net

564,767

577,381

Long-term deferred tax assets

44,865

24,087

Other assets

6,834

5,031

Total assets

$ 1,723,021

$ 1,512,217

Liabilities and Equity

 

 

Current liabilities:

 

 

Accounts payable and other current liabilities

$ 144,493

$ 128,742

Income taxes payable

14,184


Deferred revenues

285,184

241,968

Total current liabilities

443,861

370,710

Long-term deferred revenues

12,938

8,807

Long-term deferred tax liabilities

44

2,523

Long-term income taxes payable

29,878

21,195

Other liabilities

550

3,459

Total liabilities

487,271

406,694

Equity:

 

 

Total Informatica Corporation stockholders' equity

1,235,750

1,103,105

Noncontrolling interest


2,418

Total equity

1,235,750

1,105,523

Total liabilities and equity

$ 1,723,021

$ 1,512,217


 
































































































































































































































 

 

INFORMATICA CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

 

 

 

Years Ended

December 31,

 

2013

2012

 

(unaudited)

 

Operating activities:

 

 

Net income

$ 86,395

$ 93,182

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

Depreciation and amortization

14,978

12,284

Share-based compensation

57,204

42,803

Deferred income taxes

(24,067)

(4,651)

Tax benefits from share-based compensation

26,082

16,463

Excess tax benefits from share-based compensation

(27,495)

(17,021)

Amortization of intangible assets and acquired technology

30,036

28,558

Other operating activities, net

(352)

(854)

Changes in operating assets and liabilities:

 

 

Accounts receivable

(32,009)

8,723

Prepaid expenses and other assets

418

10,593

Accounts payable and accrued liabilities

13,839

(2,282)

Income taxes payable

9,596

1,553

Accrued facilities restructuring charges


(23,977)

Deferred revenues

46,525

35,127

Net cash provided by operating activities

201,150

200,501

Investing activities:

 

 

Purchases of property and equipment

(26,508)

(141,610)

Purchases of investments

(367,584)

(266,088)

Investment in equity interest, net

(2,001)

(257)

Maturities and sales of investments

332,517

208,399

Business acquisitions, net of cash acquired

(7,464)

(90,542)

Purchase of developed technology

(400)


Net cash used in investing activities

(71,440)

(290,098)

Financing activities:

 

 

Net proceeds from issuance of common stock

58,669

41,351

Repurchases and retirement of common stock

(92,068)

(80,983)

Withholding taxes related to restricted stock units net share settlement

(7,342)

(6,686)

Payment of contingent consideration

(4,170)

(8,050)

Excess tax benefits from share-based compensation

27,495

17,021

Purchase of acquiree stock and noncontrolling interest

(6,365)

(437)

Net cash used in financing activities

(23,781)

(37,784)

Effect of foreign exchange rate changes on cash and cash equivalents

1,762

673

Net increase (decrease) in cash and cash equivalents

107,691

(126,708)

Cash and cash equivalents at beginning of the year

190,127

316,835

Cash and cash equivalents at end of the year

$ 297,818

$ 190,127


 


































































































































































































































































 

 

INFORMATICA CORPORATION

GAAP TO NON-GAAP RESULTS

(in thousands, except per share data)

(unaudited)

 

 

 

 

 

 

Three Months Ended

December 31,

Years Ended

December 31,

 

2013

2012

2013

2012

Total revenues

$ 276,038

$ 234,741

$ 948,171

$ 811,571

 

 

 

 

 

Operating income:

 

 

 

 

 

 

 

 

 

GAAP operating income

$ 61,027

$ 44,601

$ 138,863

$ 135,959

 

 

 

 

 

Percentage of GAAP operating income to total revenues

22%

19%

15%

17%

 

 

 

 

 

Plus:

 

 

 

 

Amortization of acquired technology - Cost of revenues

5,337

5,816

22,307

21,980

Amortization of intangible assets - Operating expenses

1,848

1,888

7,729

6,578

Facilities restructuring and facility lease termination costs - Operating expenses




710

Building operating expense - Operating expenses (1)


731

4,409

1,502

Acquisitions and other charges - Operating expenses


408

2,467

2,797

Share-based compensation - Cost of revenues and Operating expenses (2)

12,956

11,220

57,204

42,803

Non-GAAP operating income

$ 81,168

$ 64,664

$ 232,979

$ 212,329

 

 

 

 

 

Percentage of Non-GAAP operating income to total revenues

29%

28%

25%

26%

 

 

 

 

 

Net income:

 

 

 

 

 

 

 

 

 

GAAP net income

$ 39,918

$ 31,066

$ 86,395

$ 93,182

 

 

 

 

 

Plus:

 

 

 

 

Amortization of acquired technology - Cost of revenues

5,337

5,816

22,307

21,980

Amortization of intangible assets - Operating expenses

1,848

1,888

7,729

6,578

Facilities restructuring and facility lease termination costs - Operating expenses




710

Building operating expense - Operating expenses (1)


731

4,409

1,502

Acquisitions and other charges - Operating expenses


408

2,467

2,797

Share-based compensation - Cost of revenues and Operating expenses (2)

12,956

11,220

57,204

42,803

Income tax adjustments

(5,302)

(5,911)

(19,765)

(22,407)

Non-GAAP net income

$ 54,757

$ 45,218

$ 160,746

$ 147,145


 





























































































































































































































INFORMATICA CORPORATION

GAAP TO NON-GAAP RESULTS

(in thousands, except per share data)

(unaudited)

 

 

 

 

 

 

Three Months Ended

December 31,

Years Ended

December 31,

 

2013

2012

2013

2012

Diluted net income per share:

 

 

 

 

 

 

 

 

 

Diluted GAAP net income per share

$ 0.36

$ 0.28

$ 0.78

$ 0.83

Plus:

 

 

 

 

Amortization of acquired technology

0.05

0.05

0.20

0.20

Amortization of intangible assets

0.02

0.02

0.07

0.06

Facilities restructuring and facility lease termination costs




0.01

Building operating expense (1)


0.01

0.04

0.01

Acquisitions and other charges



0.02

0.02

Share-based compensation (2)

0.11

0.10

0.51

0.38

Income tax adjustments

(0.05)

(0.05)

(0.18)

(0.20)

Diluted Non-GAAP net income per share

$ 0.49

$ 0.41

$ 1.44

$ 1.31

 

 

 

 

 

Shares used in computing diluted Non-GAAP net income per share

111,457

110,802

111,394

112,089

                                          

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)  Represents expense from operating current headquarters buildings purchased in February 2012 prior to occupancy in September 2013 by Informatica, and expense from operating former headquarters buildings subsequent to the occupancy of current headquarters in September 2013. The Company previously reported the expense for the current headquarters buildings in periods prior to the purchase as a part of "Facilities restructuring charges (benefit) - Operating expenses."

(2)  The allocation of the share-based compensation is as follows:

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

December 31,

Years Ended

December 31,

 

2013

2012

2013

2012

Cost of service revenues

$ 1,479

$ 1,178

$ 5,525

$ 4,349

Operating expenses:

 

 

 

 

Research and development

4,237

4,095

19,002

14,919

Sales and marketing

3,946

3,440

19,323

13,518

General and administrative

3,294

2,507

13,354

10,017

Total share-based compensation

$ 12,956

$ 11,220

$ 57,204

$ 42,803

CONTACT: Debbie O'Brien
Corporate Communications
+ 1 650 385 5735
dobrien@informatica.com

Stephanie Wakefield
Investor Relations
+ 1 650 385 5261
swakefield@informatica.com



Informatica Corp.


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