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Informatica (INFA) - 2024 Q1 - Quarterly Results
INFAInformatica (INFA)2024-05-01 20:08

Financial Performance - GAAP Total Revenues increased 6.3% year-over-year to 388.6million,withadjustedtotalrevenuesincreasing5.9388.6 million, with adjusted total revenues increasing 5.9% year-over-year when accounting for foreign exchange impacts [4][6]. - Total revenues for Q1 2024 were 388.6 million, a 6.3% increase from 365.4millioninQ12023[42].−NetincomeforQ12024was365.4 million in Q1 2023 [42]. - Net income for Q1 2024 was 9.3 million, a significant recovery from a net loss of 116.4millioninQ12023[42].−Non−GAAPnetincomeforQ12024was116.4 million in Q1 2023 [42]. - Non-GAAP net income for Q1 2024 was 69,224 thousand, compared to 44,641thousandinQ12023,markinganincreaseofabout5544,641 thousand in Q1 2023, marking an increase of about 55% [48]. - Total GAAP revenue for Q1 2024 was 388,607 thousand, up from 365,431thousandinQ12023,representingayear−over−yearincreaseofapproximately6365,431 thousand in Q1 2023, representing a year-over-year increase of approximately 6% [52]. - The company generated 131,642 thousand in net cash provided by operating activities in Q1 2024, compared to 69,882thousandinQ12023,indicatinganincreaseofabout8869,882 thousand in Q1 2023, indicating an increase of about 88% [46]. - Adjusted Unlevered Free Cash Flows (after-tax) for Q1 2024 were 182,980 thousand, up from 123,352thousandinQ12023,reflectingagrowthofapproximately48123,352 thousand in Q1 2023, reflecting a growth of approximately 48% [52]. - Cash and cash equivalents at the end of Q1 2024 were 855,068 thousand, up from 632,907thousandattheendofQ12023,reflectinganincreaseofabout35632,907 thousand at the end of Q1 2023, reflecting an increase of about 35% [46]. Subscription and Cloud Metrics - Cloud Subscription Annualized Recurring Revenue (ARR) rose 35% year-over-year to 653 million, while Subscription ARR increased 13% year-over-year to 1.16billion[5][9].−CloudSubscriptionAnnualRecurringRevenueincreasedto1.16 billion [5][9]. - Cloud Subscription Annual Recurring Revenue increased to 652,545,000 in 2024 from 483,294,000in2023,representingagrowthof35.1483,294,000 in 2023, representing a growth of 35.1% [53]. - Total Annual Recurring Revenue rose to 1,636,494,000 in 2024, up from 1,533,403,000in2023,markinganincreaseof6.71,533,403,000 in 2023, marking an increase of 6.7% [53]. - Subscription revenue increased to 252.0 million in Q1 2024, up 17.8% from 213.9millioninQ12023[42].−Customersspendingover213.9 million in Q1 2023 [42]. - Customers spending over 1 million in Subscription Annual Recurring Revenue increased to 258 in 2024 from 208 in 2023, a growth of 24% [55]. - Subscription Net Retention Rate decreased to 105% in 2024 from 110% in 2023 [53]. - Cloud transactions processed per month surged to 91.8 trillion in 2024, compared to 54.3 trillion in 2023, reflecting a growth of 68.9% [55]. - The company reported a Cloud Subscription Net Retention Rate (NRR) that continues to outpace total Subscription NRR, highlighting strong customer retention and upsell opportunities [34]. Operational Metrics - GAAP Operating Income was 3.2million,withNon−GAAPOperatingIncomeat3.2 million, with Non-GAAP Operating Income at 109.3 million, and GAAP Operating Cash Flow of 131.6million[9].−GrossprofitforQ12024was131.6 million [9]. - Gross profit for Q1 2024 was 306.9 million, compared to 283.5millioninQ12023,reflectingagrossmarginimprovement[42].−Researchanddevelopmentexpenseswere283.5 million in Q1 2023, reflecting a gross margin improvement [42]. - Research and development expenses were 79.7 million in Q1 2024, slightly down from 82.0millioninQ12023,indicatingafocusonefficiency[42].−AdjustedEBITDAforQ12024was82.0 million in Q1 2023, indicating a focus on efficiency [42]. - Adjusted EBITDA for Q1 2024 was 111,474 thousand, compared to 89,013thousandinQ12023,indicatingagrowthofapproximately2589,013 thousand in Q1 2023, indicating a growth of approximately 25% [51]. - Non-GAAP Operating Income for Q2 2024 is expected to be in the range of 107 million to 119million,representingapproximately29.1119 million, representing approximately 29.1% year-over-year growth at the midpoint [15]. Future Projections - Full-Year 2024 GAAP Total Revenues are expected to be in the range of 1.685 billion to 1.705billion,representingapproximately6.31.705 billion, representing approximately 6.3% year-over-year growth at the midpoint [15]. - Subscription ARR for Full-Year 2024 is expected to be in the range of 1.261 billion to 1.295billion,indicatingapproximately12.81.295 billion, indicating approximately 12.8% year-over-year growth at the midpoint [15]. - The company expects a continued shift from perpetual licenses to cloud subscriptions, which may impact Maintenance ARR in future quarters [32]. Restructuring and Charges - The Company recorded restructuring charges of 4.4 million in Q1 2024 as part of its November 2023 restructuring plan [14]. - The company’s stock-based compensation expense increased to 64,101thousandinQ12024from64,101 thousand in Q1 2024 from 50,342 thousand in Q1 2023, an increase of approximately 27% [48]. Debt and Liabilities - Total net debt decreased to 725,000,000asofMarch31,2024,downfrom725,000,000 as of March 31, 2024, down from 850,000,000 as of December 31, 2023, a reduction of 14.7% [57]. - Total liabilities decreased to 2,822,099thousandasofMarch31,2024,downfrom2,822,099 thousand as of March 31, 2024, down from 2,989,484 thousand as of December 31, 2023, representing a reduction of approximately 6% [44]. - The company’s total current assets decreased to 1,700,036thousandasofMarch31,2024,from1,700,036 thousand as of March 31, 2024, from 1,752,586 thousand as of December 31, 2023, a decline of about 3% [44].