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Informatica Reports Quarterly Revenues Of $234.7 Million And Record Annual Revenues Of $811.6 Million

Stocks in this article: INFA

Forward Looking Statements

This press release contains forward-looking statements, including those relating to our long-term market opportunities and our future plans for Heiler Software AG. 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 in general and, with respect to our plans for Heiler Software AG, risks related to the completion of further integration steps, product integration and the failure of the market to develop as expected. 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, 2012, 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 24, 2013 and Informatica undertakes no duty to update this information.

Note: Informatica, PowerCenter, PowerCenter Big Data Edition, Informatica Cloud and Ultra Messaging 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 Years Ended
  December 31,  December 31, 
  2012 2011 2012 2011
  (unaudited) (unaudited)  
Revenues:        
License  $ 104,047  $ 112,084  $ 320,982  $ 353,664
Service  130,694 115,049  490,589 430,115
Total revenues  234,741  227,133  811,571  783,779
         
Cost of revenues:        
License  1,280 1,342  4,490 5,011
Service  33,388 31,830  126,152 118,941
Amortization of acquired technology  5,816 5,169  21,980 19,503
Total cost of revenues   40,484  38,341  152,622  143,455
         
Gross profit 194,257 188,792 658,949 640,324
         
Operating expenses:        
Research and development  38,046 34,435  143,607 132,528
Sales and marketing  92,067 77,111  305,682 278,073
General and administrative  17,247 16,866  63,616 57,373
Amortization of intangible assets  1,888 1,758  6,578 7,717
Facilities restructuring and facility lease termination costs (benefit), net  —   (1,798)  710  (1,094)
Acquisitions and other charges   408  1,034  2,797  1,029
Total operating expenses   149,656  129,406  522,990  475,626
Income from operations  44,601  59,386  135,959  164,698
Interest and other income, net  102  1,357  1,808  1,930
Income before income taxes   44,703  60,743  137,767  166,628
Income tax provision   13,637 18,357  44,585 49,133
Net income   $ 31,066  $ 42,386  $ 93,182  $ 117,495
         
Net income per share:        
Basic  $ 0.29  $ 0.40  $ 0.86  $ 1.13
Diluted (1)  $ 0.28  $ 0.38  $ 0.83  $ 1.05
         
Shares used in per share calculation:      
Basic 107,627 106,555 107,874 103,956
Diluted 110,802 112,166 112,089 112,540
         
(1) Diluted EPS is calculated under the "if converted" method for the year ended December 31, 2011. This includes the add-back of $0.8 million of interest and convertible notes issuance cost amortization, net of applicable income taxes until the redemption of the convertible notes on March 18, 2011.
 
INFORMATICA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
     
  December 31, 
  2012 2011
  (unaudited)  
Assets    
     
Current assets:    
Cash and cash equivalents  $ 190,127  $ 316,835
Short-term investments   345,478  285,579
Accounts receivable, net of allowances of $5,460 and $4,001, respectively  171,893  176,066
Deferred tax assets  23,350  21,591
Prepaid expenses and other current assets  29,396  23,206
Total current assets  760,244  823,277
     
Property and equipment, net  145,474  16,025
Goodwill and intangible assets, net  577,381  497,058
Long-term deferred tax assets  24,087  23,037
Other assets  5,031  21,351
Total assets  $ 1,512,217  $ 1,380,748
     
Liabilities and Equity    
     
Current liabilities:    
Accounts payable and other current liabilities  $ 128,742  $ 126,448
Income taxes payable  —  1,178
Accrued facilities restructuring charges  —  17,751
Deferred revenues  241,968  208,039
Total current liabilities  370,710  353,416
     
Accrued facilities restructuring charges, less current portion  —  5,543
Long-term deferred revenues  8,807  6,573
Long-term deferred tax liabilities   2,523  —
Long-term income taxes payable  21,195  16,709
Other liabilities  3,459  6,304
Total liabilities  406,694  388,545
     
Equity:    
Total Informatica Corporation stockholders' equity  1,103,105  992,203
Noncontrolling interest  2,418  —
Total equity  1,105,523  992,203
Total liabilities and equity  $ 1,512,217  $ 1,380,748
 
INFORMATICA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
  Years Ended
  December 31, 
  2012 2011
  (unaudited)  
Operating activities:    
Net income   $ 93,182  $ 117,495
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization 12,284 6,274
Share-based compensation 42,803 33,263
Deferred income taxes (4,651) 57
Tax benefits from share-based compensation 16,463 29,096
Excess tax benefits from share-based compensation (17,021) (29,952)
Amortization of intangible assets and acquired technology 28,558 27,220
Other operating activities, net  (854)  (3,000)
Changes in operating assets and liabilities:    
Accounts receivable  8,723  (28,272)
Prepaid expenses and other assets  10,593  (20,218)
Accounts payable and accrued liabilities   (2,282)  9,215
Income taxes payable  1,553  12,860
Accrued facilities restructuring charges  (23,977)  (14,358)
Deferred revenues  35,127  34,795
Net cash provided by operating activities 200,501 174,475
Investing activities:    
Purchases of property and equipment  (141,610)  (12,743)
Purchases of investments  (266,088)  (350,951)
Investment in equity interest, net  (257)  542
Maturities and sales of investments  208,399  326,966
Business acquisitions, net of cash acquired  (90,542)  (32,969)
Net cash used in investing activities (290,098) (69,155)
Financing activities:    
Net proceeds from issuance of common stock 41,351 58,727
Repurchases and retirement of common stock  (80,983)  (74,492)
Redemption of convertible senior notes  —  (4)
Withholding taxes related to restricted stock units net share settlement  (6,686)  (6,218)
Payment of contingent consideration  (8,050)  (1,000)
Excess tax benefits from share-based compensation  17,021  29,952
Purchase of noncontrolling interest  (437)  —
Net cash provided by (used in) financing activities (37,784) 6,965
Effect of foreign exchange rate changes on cash and cash equivalents 673 (4,349)
Net increase (decrease) in cash and cash equivalents (126,708) 107,936
Cash and cash equivalents at beginning of the year 316,835 208,899
Cash and cash equivalents at end of the year  $ 190,127  $ 316,835
 
INFORMATICA CORPORATION
GAAP TO NON-GAAP RESULTS
(in thousands, except per share data)
(unaudited)
         
  Three Months Ended  Years Ended 
  December 31,  December 31, 
  2012 2011 2012 2011
         
Total revenues  $ 234,741  $ 227,133  $ 811,571  $ 783,779
         
Operating income:        
         
GAAP operating income  $ 44,601  $ 59,386  $ 135,959  $ 164,698
         
Percentage of GAAP operating income to total revenues  19% 26% 17% 21%
         
Plus:        
Amortization of acquired technology - Cost of revenues  5,816 5,169 21,980 19,503
Amortization of intangible assets - Operating expenses  1,888 1,758 6,578 7,717
Facilities restructuring and facility lease termination costs (benefit), net - Operating expenses  —  (1,798)  710  (1,094)
Building operating expense - Operating expenses (1)  731  —  1,502  —
Acquisitions and other charges - Operating expenses  408  1,034  2,797  1,029
Share-based compensation - Cost of revenues  1,178  940  4,349  3,539
Share-based compensation - Research and development  4,095  2,970  14,919  10,848
Share-based compensation - Sales and marketing  3,440  2,682  13,518  10,185
Share-based compensation - General and administrative  2,507  2,371  10,017  8,691
Non-GAAP operating income  $ 64,664  $ 74,512  $ 212,329  $ 225,116
         
Percentage of Non-GAAP operating income to total revenues  28% 33% 26% 29%
         
Net income:        
         
GAAP net income  $ 31,066  $ 42,386  $ 93,182  $ 117,495
         
Plus:        
Amortization of acquired technology - Cost of revenues  5,816  5,169  21,980  19,503
Amortization of intangible assets - Operating expenses  1,888  1,758  6,578  7,717
Facilities restructuring and facility lease termination costs (benefit), net - Operating expenses  —  (1,798)  710  (1,094)
Building operating expense - Operating expenses (1)  731  —  1,502  —
Acquisitions and other charges - Operating expenses  408  1,034  2,797  1,029
Share-based compensation - Cost of revenues  1,178  940  4,349  3,539
Share-based compensation - Research and development  4,095  2,970  14,919  10,848
Share-based compensation - Sales and marketing  3,440  2,682  13,518  10,185
Share-based compensation - General and administrative  2,507  2,371  10,017  8,691
Gain on sale of investment in equity interest  —  —  —  (706)
Income tax adjustments  (5,911)  (4,323)  (22,407)  (17,310)
Non-GAAP net income  $ 45,218  $ 53,189  $ 147,145  $ 159,897
         
Diluted net income per share: (2)        
Diluted GAAP net income per share  $ 0.28  $ 0.38  $ 0.83  $ 1.05
         
Plus:         
Amortization of acquired technology  0.05  0.05  0.20  0.17
Amortization of intangible assets  0.02  0.01  0.06  0.07
Facilities restructuring and facility lease termination costs (benefit), net  —  (0.02)  0.01  (0.01)
Building operating expense (1)  0.01  —  0.01  —
Acquisitions and other charges   —  0.01  0.02  0.01
Share-based compensation  0.10  0.08  0.38  0.30
Gain on sale of investment in equity interest  —  —  —  (0.01)
Income tax adjustments   (0.05)  (0.04)  (0.20)  (0.15)
Diluted Non-GAAP net income per share   $ 0.41  $ 0.47  $ 1.31  $ 1.43
         
Shares used in computing diluted Non-GAAP net income per share 110,802 112,166 112,089 112,540
         
         
(1) Represents expense from operating future headquarters buildings purchased in February 2012 prior to expected occupancy by Informatica, which the Company previously reported in periods prior to the acquisition as a part of "Facilities restructuring charges (benefit) - Operating expenses." 
         
(2) Diluted EPS is calculated under the "if converted" method for the year ended December 31, 2011. This includes the add-back of $0.8 million of interest and convertible notes issuance cost amortization, net of applicable income taxes until the redemption of the convertible notes on March 18, 2011.
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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