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Informatica Reports Second Quarter 2022 Financial Results

·24-min read
  • Subscription annual recurring revenue (ARR) in the second quarter increased 31% year-over-year to $896 million

  • Cloud ARR in the second quarter increased 42% year-over-year to $373 million

  • Subscription revenue in the second quarter increased 24% year-over-year to $207 million

REDWOOD CITY, Calif., July 27, 2022--(BUSINESS WIRE)--Informatica (NYSE: INFA), an enterprise cloud data management leader, today announced financial results for its second quarter 2022, ended June 30, 2022.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220727005072/en/

Informatica Q2' 2022 Highlights (Graphic: Business Wire)

"We are very pleased to deliver Q2 results that exceeded the high-end of guidance for total revenue, subscription and cloud ARR, and non-GAAP operating income. The mix shift from self-managed to the cloud is accelerating and customers are increasingly investing in our Intelligent Data Management Cloud (IDMC) platform for digital transformation. We are strongly positioned to deliver $1 billion in subscription ARR by the end of the year, a milestone few software companies have achieved," said Amit Walia, Chief Executive Officer at Informatica. "We continue to see healthy demand for IDMC as companies look to Informatica to help them navigate the uncertain macro-environment and process mission-critical workloads."

Second Quarter 2022 Financial Highlights:

  • GAAP Total Revenues increased 9% year-over-year to $372.0 million.

  • GAAP Subscription Revenues increased 24% year-over-year to $207.0 million.

  • Total ARR increased 16% year-over-year to $1.4 billion.

  • GAAP Operating Loss of $12.1 million and Non-GAAP Operating Income of $69.9 million.

  • GAAP Operating Cash Flow of $15.9 million.

  • Unlevered Free Cash Flow (after-tax) of $32.7 million.

A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."

Second Quarter 2022 Business Highlights:

  • Processed 38.5 trillion cloud transactions per month for the quarter ended June 30, 2022, as compared to 21.7 trillion cloud transactions per month in the same quarter last year, an increase of 77% year-over-year.

  • Reported 175 customers that spend more than $1 million in subscription ARR at the end of June 30, 2022, an increase of 51% year-over-year.

  • Reported 1,791 customers that spend more than $100,000 in subscription ARR at the end of June 30, 2022, an increase of 20% year-over-year.

  • Achieved a subscription net retention rate of 113% at the end of June 30, 2022.

Product Innovation:

  • Launched a new strategic partnership with Oracle that brings Informatica’s data integration and data governance solutions to Oracle Cloud Infrastructure (OCI). Named a preferred partner for enterprise cloud data integration and governance for data warehouse and lakehouses on OCI.

  • Launched Intelligent Data Management Cloud (IDMC) for Healthcare & Life Sciences and Financial Services verticals - an end-to-end integrated data management cloud that enables the entire data lifecycle, including data discovery, ingestion, integration of data and applications, quality improvement, single views and business 360 applications, governance, privacy, and data sharing.

  • Launched Informatica Data Loader - a no-cost, zero-code, zero-DevOps, and zero infrastructure required SaaS offering that will help departmental users across the organization move from data to insights in minutes. Data loader is now available for Google BigQuery, Snowflake, and Databricks.

  • Launched a SaaS version of Informatica’s multidomain Master Data Management (MDM) for Microsoft Azure that will be generally available for purchase on the Azure Marketplace in August.

  • Launched a new API Center that delivers no-code data APIs to build a foundation of trusted data and automate business processes.

  • Launched INFACore to bring IDMC platform capabilities to developers, data scientists, and data engineers directly in their own integrated development environment. INFACore is a simple plug-in for any development and data science framework accelerating the ability to consume, transform, and prepare data from any source within an Integrated Development Environment (IDE).

  • Expanded partnership with Snowflake that will result in deeper, product integrations for data governance. Announced a new Informatica Enterprise Data Integrator built for Snowflake’s Native Application Framework that will enable Snowflake customers to integrate with enterprise data sources including Google, Microsoft, Oracle, Salesforce, and SAP.

  • Joined the Data Cloud Alliance, spearheaded by Google Cloud, which is focused on making data and analytics more accessible via modern data management technologies.

Industry Recognition:

  • Named a 2022 Gartner® Peer Insights™ Customers' Choice for Master Data Management. Informatica is also the only enterprise multidomain MDM platform vendor with the most reviews during the assessment period.

  • Recognized as a Leader in Nucleus Research iPaaS Technology Value Matrix 2022, making this Informatica’s third consecutive year in a row to be named a Leader.

  • Named a Leader in The Forrester Wave™: Enterprise Data Fabric, Q2 2022.

  • Named a Leader in The Forrester Wave™: Enterprise Data Catalogs for DataOps, Q2 2022.

  • Named in the 2021 Gartner® Event Stream Processing Platforms Market Share Report. Informatica ranked #2 in the market.

Third Quarter and Full-Year 2022 Financial Outlook

The Company provides the financial guidance below based on current market conditions and expectations and subject to various important cautionary factors described below. Guidance includes the full-year 2022 revenue impact from foreign exchange headwinds estimated at approximately negative $45 million. Based on information available as of July 27, 2022, guidance for the third quarter of 2022 and full-year 2022 is as follows:

Third Quarter 2022 Ending September 30, 2022:

  • GAAP Total Revenues are expected to be in the range of $385 million to $395 million, representing approximately 8% year-over-year growth at the midpoint of the range.

  • Subscription ARR is expected to be in the range of $920 million to $930 million, representing approximately 26% year-over-year growth at the midpoint of the range.

  • Cloud ARR is expected to be in the range of $399 million to $405 million, representing approximately 40% year-over-year growth at the midpoint of the range.

  • Non-GAAP Operating Income is expected to be in the range of $77 million to $84 million.

Full-Year 2022 Ending December 31, 2022:

  • GAAP Total Revenues are now expected to be in the range of $1,540 million to $1,560 million, representing approximately 7% year-over-year growth at the midpoint of the range.

  • Total ARR is expected to be in the range of $1,520 million to $1,550 million, representing approximately 13% year-over-year growth at the midpoint of the range.

  • Subscription ARR is expected to be in the range of $990 million to $1,010 million, representing approximately 25% year-over-year growth at the midpoint of the range.

  • Cloud ARR is expected to be in the range of $438 million to $448 million, representing approximately 40% year-over-year growth at the midpoint of the range.

  • Non-GAAP Operating Income is expected to be in the range of $325 million to $345 million.

  • Unlevered Free Cash Flow (after-tax) is now expected to be in the range of $290 million to $310 million.

In addition to the above guidance, the Company is also providing a third quarter and full-year 2022 weighted-average number of basic and diluted share estimates for modeling purposes. For the third quarter 2022, we expect basic weighted-average shares outstanding to be approximately 282 million shares and diluted weighted-average shares outstanding to be approximately 285 million shares. For the full-year 2022, we expect basic weighted-average shares outstanding to be approximately 281 million shares and diluted weighted-average shares outstanding to be approximately 287 million shares.

Reconciliation of non-GAAP operating income and unlevered free cash flow after-tax guidance to the most directly comparable GAAP measures is not available without unreasonable effort, as certain items cannot be reasonably predicted because of their high variability, complexity, and low visibility. In particular, the measures and effects of our stock-based compensation expense specific to our equity compensation awards and employer payroll tax-related items on employee stock transactions are directly impacted by the timing of employee stock transactions and unpredictable fluctuations in our stock price, which we expect to have a significant impact on our future GAAP financial results.

Webcast and Conference Call

A conference call to discuss Informatica’s second quarter 2022 financial results and financial outlook for the third quarter and full-year 2022 is scheduled for 1:30 p.m. Pacific Time today. To participate, please dial 1-844-200-6205 from the U.S. or 1-929-526-1599 from international locations. The conference passcode is 902394. A live webcast of the conference call will be available on the Investor Relations section of Informatica’s website at investors.informatica.com where presentation materials will also be posted prior to the conference call. A replay will be available online approximately two hours following the live call for a period of 30 days.

Forward-Looking Statements

This press release and the related conference call and webcast contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, expectations of future operating results or financial performance, including expectations regarding achieving profitability and our GAAP and non-GAAP guidance for the third quarter and 2022 fiscal year, management’s plans, priorities, initiatives, and strategies, and management's estimates and expectations regarding growth of our business, market, and partnerships. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "toward," "will," or "would," or the negative of these words or other similar terms or expressions. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all.

Forward-looking statements are based on information available at the time those statements are made and are based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control, that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. These risks, uncertainties, assumptions, and other factors include, but are not limited to, those related to our business and financial performance, the effects of adverse global macroeconomic conditions and geopolitical uncertainty, the effects of COVID-19 or other public health crises on our business, results of operations, and financial condition, our ability to attract and retain customers, our ability to develop new products and services and enhance existing products and services, our ability to respond rapidly to emerging technology trends, our ability to execute on our business strategy, including our strategy related to the Informatica IDMC platform and key partnerships, our ability to increase and predict customer consumption of our platform, our ability to compete effectively, and our ability to manage growth.

Further information on these and additional risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those included in or contemplated by the forward-looking statements contained in this release are included under the caption "Risk Factors" and elsewhere in our Annual Report on Form 10-K that was filed for the fiscal year ended December 31, 2021, and other filings and reports we make with the Securities and Exchange Commission from time to time, including our Quarterly Report on Form 10-Q that will be filed for the second quarter ended June 30, 2022. All forward-looking statements contained herein are based on information available to us as of the date hereof and we do not assume any obligation to update these statements as a result of new information or future events.

Non-GAAP Financial Measures and Key Business Metrics

We review several operating and financial metrics, including the following unaudited non-GAAP financial measures and key business metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans, and make strategic decisions:

Non-GAAP Financial Measures

In addition to our results determined in accordance with U.S. generally accepted accounting principles (GAAP), we believe the following non-GAAP measures are useful in evaluating our operating performance. We use the following non-GAAP financial measures to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that these non-GAAP financial measures, when taken collectively, may be helpful to investors because they provide consistency and comparability with past financial performance. However, non-GAAP financial measures are presented for supplemental informational purposes only, have limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. A reconciliation is provided below for our non-GAAP financial measures to the most directly comparable financial measures stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate our business.

Non-GAAP Income from Operations and Non-GAAP Net Income exclude the effect of stock-based compensation expense-related charges, amortization of acquired intangibles, equity compensation related payments, expenses associated with acquisitions, strategic investments and sponsor-related costs, and are adjusted for income tax effects. We believe the presentation of operating results that exclude these non-cash or non-recurring items provides useful supplemental information to investors and facilitates the analysis of our operating results and comparison of operating results across reporting periods.

Adjusted EBITDA represents GAAP net income (loss) as adjusted for income tax benefit (expense), interest income, interest expense, loss on debt refinancing, other income (expense), stock-based compensation, amortization of intangibles, equity compensation related payments, one time fees related to acquisitions, costs related to discrete payments for legal settlements, restructuring costs and executive severance, one-time impairment on restructured facilities, sponsor-related costs, and depreciation. Equity compensation-related payments are related to the repurchase of employee stock options. We believe adjusted EBITDA is an important metric for understanding our business to assess our relative profitability adjusted for balance sheet debt levels.

Unlevered Free Cash Flow (after-tax) represents operating cash flow less purchases of property and equipment and is adjusted for interest payments, equity compensation payments, sponsor management fees, legal settlements, restructuring costs (including payments for impaired leases), and executive severance. We believe this measure provides useful supplemental information to investors because it is an indicator of the strength and performance of our core business operations.

Key Business Metrics

Annual Recurring Revenue (ARR) represents the expected annual billing amounts from all active maintenance and subscription agreements. ARR is calculated based on the contract Monthly Recurring Revenue (MRR) multiplied by 12. MRR is calculated based on the accounting adjusted total contract value divided by the number of months of the agreement based on the start and end dates of each contracted line item. The aggregate ARR calculated at the end of each reported period represents the value of all contracts that are active as of the end of the period, including those contracts that have expired but are still under negotiation for renewal. We typically allow for a grace period of up to 6 months past the original contract expiration quarter during which we engage in the renewal process before we report the contract as lost /inactive. This grace-period ARR amount has been less than 2% of the reported ARR in each period presented. If there is an actual cancellation of an ARR contract, we remove that ARR value at that time. We believe ARR is an important metric for understanding our business since it tracks the annualized cash value collected over a 12-month period for all our recurring contracts, irrespective of whether it is a maintenance contract on a perpetual license, a ratable cloud contract, or an on-premise term-based subscription license.

Maintenance Annual Recurring Revenue represents the portion of ARR only attributable to our maintenance contracts. We believe that Maintenance ARR is a helpful metric for understanding our business since it represents the approximate annualized cash value collected over a 12-month period for all our maintenance contracts. Maintenance ARR includes maintenance contracts supporting our on-premise perpetual licenses. Maintenance ARR should be viewed independently of maintenance revenue and deferred revenue related to our maintenance contracts and is not intended to be combined with or to replace either of those items.

Subscription Annual Recurring Revenue represents the portion of ARR only attributable to our subscription contracts. We believe that Subscription ARR is a helpful metric for understanding our business since it represents the approximate annualized cash value collected over a 12-month period for all our recurring subscription contracts. Subscription ARR excludes maintenance contracts on our perpetual licenses to provide information regarding the period-to-period performance and overall size and scale of our subscription business as we continue to focus our efforts on subscription-based licensing. Subscription ARR should be viewed independently of subscription revenue and deferred revenue related to our subscription contracts and is not intended to be combined with or to replace either of those items.

Cloud Annual Recurring Revenue represents the portion of ARR that is attributable to our hosted cloud contracts. We believe that Cloud ARR is a helpful metric for understanding our business since it represents the approximate annualized cash value collected over a 12-month period for all our recurring Cloud contracts. Cloud ARR is a subset of our overall Subscription ARR, and by providing this breakdown of Cloud ARR, it provides visibility on the size and growth rate of our Cloud ARR within our overall Subscription ARR. Cloud ARR should be viewed independently of subscription revenue and deferred revenue related to our subscription contracts and is not intended to be combined with or to replace either of those items.

Subscription Net Retention Rate compares the contract value for Subscription ARR from the same set of customers at the end of a period compared to the prior year. We treat divisions, segments, or subsidiaries inside companies as separate customers. To calculate our Subscription NRR for a particular period, we first establish the Subscription ARR value at the end of the prior-year period. We subsequently measure the Subscription ARR value at the end of the current period from the same cohort of customers. The net retention rate is then calculated by dividing the aggregate Subscription ARR in the current period by the prior-year period. An increase in the Subscription NRR occurs as a result of price increases on existing contracts, higher consumption of existing products, and sales of additional new subscription products to existing customers exceeding losses from subscription contracts due to cancellations. We believe Subscription NRR is an important metric for understanding our business since it measures the rate at which we are able to sell additional products into our subscription customer base.

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About Informatica

Informatica (NYSE: INFA), an Enterprise Cloud Data Management leader, empowers businesses to realize the transformative power of data. We have pioneered a new category of software, the Informatica Intelligent Data Management Cloud™(IDMC), powered by AI and a cloud-first, cloud-native, end-to-end data management platform that connects, manages, and unifies data across any multi-cloud, hybrid system, empowering enterprises to modernize and advance their data strategies. Over 5,000 customers in more than 100 countries and 85 of the Fortune 100 rely on Informatica to drive data-led digital transformation.

INFORMATICA INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2022

 

2021

 

2022

 

2021

 

 

 

 

Revenues:

 

 

 

 

 

 

 

Subscriptions

$

207,043

 

 

$

166,723

 

 

$

404,790

 

 

$

324,265

 

Perpetual license

 

2,300

 

 

 

7,023

 

 

 

4,972

 

 

 

16,239

 

Software revenue

 

209,343

 

 

 

173,746

 

 

 

409,762

 

 

 

340,504

 

Maintenance and professional services

 

162,696

 

 

 

168,079

 

 

 

324,624

 

 

 

335,034

 

Total revenues

 

372,039

 

 

 

341,825

 

 

 

734,386

 

 

 

675,538

 

Cost of revenues:

 

 

 

 

 

 

 

Subscriptions

 

25,177

 

 

 

18,758

 

 

 

49,881

 

 

 

37,067

 

Perpetual license

 

176

 

 

 

1,160

 

 

 

329

 

 

 

2,187

 

Software costs

 

25,353

 

 

 

19,918

 

 

 

50,210

 

 

 

39,254

 

Maintenance and professional services

 

52,120

 

 

 

40,788

 

 

 

101,925

 

 

 

80,282

 

Amortization of acquired technology

 

8,936

 

 

 

18,496

 

 

 

18,073

 

 

 

37,095

 

Total cost of revenues

 

86,409

 

 

 

79,202

 

 

 

170,208

 

 

 

156,631

 

Gross profit

 

285,630

 

 

 

262,623

 

 

 

564,178

 

 

 

518,907

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

 

84,064

 

 

 

63,927

 

 

 

159,187

 

 

 

123,831

 

Sales and marketing

 

143,597

 

 

 

112,412

 

 

 

272,549

 

 

 

220,938

 

General and administrative

 

31,632

 

 

 

28,688

 

 

 

61,206

 

 

 

55,306

 

Amortization of intangible assets

 

38,459

 

 

 

43,160

 

 

 

77,120

 

 

 

86,386

 

Total operating expenses

 

297,752

 

 

 

248,187

 

 

 

570,062

 

 

 

486,461

 

(Loss) income from operations

 

(12,122

)

 

 

14,436

 

 

 

(5,884

)

 

 

32,446

 

Interest income

 

1,129

 

 

 

254

 

 

 

1,495

 

 

 

534

 

Interest expense

 

(16,560

)

 

 

(36,384

)

 

 

(29,385

)

 

 

(72,183

)

Other (expense) income, net

 

3,837

 

 

 

(1,546

)

 

 

8,057

 

 

 

14,779

 

Loss before income taxes

 

(23,716

)

 

 

(23,240

)

 

 

(25,717

)

 

 

(24,424

)

Income tax expense

 

6,790

 

 

 

11,089

 

 

 

7,975

 

 

 

11,900

 

Net Loss

$

(30,506

)

 

$

(34,329

)

 

$

(33,692

)

 

$

(36,324

)

 

 

 

 

 

 

 

 

Net loss per share attributable to Class A and Class B-1 common stockholders—basic

$

(0.11

)

 

$

(0.14

)

 

$

(0.12

)

 

$

(0.15

)

Net loss per share attributable to Class A and Class B-1 common stockholders—diluted

$

(0.11

)

 

$

(0.14

)

 

$

(0.12

)

 

$

(0.15

)

Weighted-average shares used in computing net loss per share1—basic

 

280,417

 

 

 

244,713

 

 

 

279,599

 

 

 

244,658

 

Weighted-average shares used in computing net loss per share1—diluted

 

280,417

 

 

 

244,713

 

 

 

279,599

 

 

 

244,658

 

 

1 Amounts for periods prior to the completion of our restructuring transactions on September 30, 2021 have been retrospectively adjusted to give effect to the restructuring transactions described in our Annual Report on Form 10-K for the year ended December 31, 2021 and filed with the SEC on March 24, 2022.

INFORMATICA INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and par value data)

 

June 30,

 

December 31,

 

2022

 

2021

 

(unaudited)

 

 

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

543,201

 

 

$

456,378

 

Short-term investments

 

39,128

 

 

 

40,045

 

Accounts receivable, net of allowances of $2,558 and $4,644, respectively

 

288,240

 

 

 

432,266

 

Contract assets, net

 

122,506

 

 

 

109,269

 

Prepaid expenses and other current assets

 

115,195

 

 

 

133,832

 

Total current assets

 

1,108,270

 

 

 

1,171,790

 

Restricted cash

 

 

 

 

1,718

 

Property and equipment, net

 

165,575

 

 

 

177,409

 

Operating lease right-of-use-assets

 

64,140

 

 

 

74,789

 

Goodwill

 

2,333,559

 

 

 

2,380,752

 

Customer relationships intangible asset, net

 

865,564

 

 

 

948,556

 

Other intangible assets, net

 

54,699

 

 

 

78,899

 

Deferred tax assets

 

11,813

 

 

 

13,196

 

Other assets

 

132,878

 

 

 

139,154

 

Total assets

$

4,736,498

 

 

$

4,986,263

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

20,939

 

 

$

41,755

 

Accrued liabilities

 

49,773

 

 

 

74,763

 

Accrued compensation and related expenses

 

103,236

 

 

 

171,978

 

Current operating lease liabilities

 

16,993

 

 

 

18,505

 

Current portion of long-term debt

 

18,750

 

 

 

14,063

 

Income taxes payable

 

 

 

 

7,211

 

Contract liabilities

 

563,004

 

 

 

613,336

 

Total current liabilities

 

772,695

 

 

 

941,611

 

Long-term operating lease liabilities

 

52,477

 

 

 

62,519

 

Long-term contract liabilities

 

19,653

 

 

 

28,651

 

Long-term debt, net

 

1,829,617

 

 

 

1,837,408

 

Deferred tax liabilities

 

48,355

 

 

 

104,788

 

Long-term income taxes payable

 

30,007

 

 

 

23,833

 

Other liabilities

 

3,934

 

 

 

3,777

 

Total liabilities

 

2,756,738

 

 

 

3,002,587

 

Stockholders’ equity:

 

 

 

Class A common stock; $0.01 par value per share; 2,000,000,000 shares authorized as of June 30, 2022 and December 31, 2021, respectively; Total of 236,967,859 and 234,189,069 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively

 

2,371

 

 

 

2,343

 

Class B-1 common stock; $0.01 par value per share; 200,000,000 shares authorized as of June 30, 2022 and December 31, 2021, respectively; Total of 44,049,523 and 44,049,523 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively

 

440

 

 

 

440

 

Class B-2 common stock; $0.00001 par value per share, 200,000,000 shares authorized as of June 30, 2022 and December 31, 2021, respectively; Total of 44,049,523 and 44,049,523 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively

 

 

 

 

 

Additional paid-in-capital

 

3,183,762

 

 

 

3,093,232

 

Accumulated other comprehensive (loss) income

 

(43,607

)

 

 

17,151

 

Accumulated deficit

 

(1,163,206

)

 

 

(1,129,490

)

Total stockholders’ equity

 

1,979,760

 

 

 

1,983,676

 

Total liabilities and stockholders’ equity

$

4,736,498

 

 

$

4,986,263

 

INFORMATICA INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

 

Operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(30,506

)

 

$

(34,329

)

 

$

(33,692

)

 

$

(36,324

)

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

5,643

 

 

 

6,229

 

 

 

11,370

 

 

 

12,574

 

Non-cash operating lease costs

 

 

4,140

 

 

 

3,958

 

 

 

8,717

 

 

 

7,316

 

Stock-based compensation

 

 

34,558

 

 

 

3,308

 

 

 

63,833

 

 

 

5,885

 

Deferred income taxes

 

 

(51,202

)

 

 

(36,703

)

 

 

(57,347

)

 

 

(43,191

)

Amortization of intangible assets and acquired technology

 

 

47,395

 

 

 

61,656

 

 

 

95,193

 

 

 

123,481

 

Gain on sale of investment in equity interest

 

 

 

 

 

 

 

 

 

 

 

(110

)

Amortization of debt issuance costs

 

 

918

 

 

 

1,458

 

 

 

1,837

 

 

 

2,888

 

Unrealized loss (gain) on remeasurement of debt

 

 

 

 

 

5,130

 

 

 

 

 

 

(18,497

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(37,563

)

 

 

(5,232

)

 

 

140,154

 

 

 

145,475

 

Prepaid expenses and other assets

 

 

8,176

 

 

 

(8,784

)

 

 

3,691

 

 

 

(13,246

)

Accounts payable and accrued liabilities

 

 

16,289

 

 

 

32,643

 

 

 

(110,050

)

 

 

(62,812

)

Income taxes payable

 

 

32,844

 

 

 

24,841

 

 

 

14,863

 

 

 

15,900

 

Contract liabilities

 

 

(14,759

)

 

 

(14,674

)

 

 

(52,481

)

 

 

(34,890

)

Net cash provided by operating activities

 

 

15,933

 

 

 

39,501

 

 

 

86,088

 

 

 

104,449

 

Investing activities:

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(356

)

 

 

(555

)

 

 

(1,000

)

 

 

(1,293

)

Purchases of investments

 

 

(31,442

)

 

 

(25,511

)

 

 

(48,668

)

 

 

(35,370

)

Maturities of investments

 

 

23,187

 

 

 

16,671

 

 

 

47,301

 

 

 

28,450

 

Sale of investment in equity interest

 

 

 

 

 

 

 

 

 

 

 

110

 

Net cash used in investing activities