Informatica Reports First Quarter Results 2015
Bangalore, India, April 28, 2015: Informatica Corporation, an 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.