Achieves Second Quarter Record GAAP Operating Margin of 15 Percent and Non-GAAP Operating Margin of 23 Percent
REDWOOD CITY, Calif., July 23, 2009 (GLOBE NEWSWIRE) -- Informatica Corporation (Nasdaq:INFA), the leading independent provider of enterprise data integration software and services, today announced financial results for the second quarter ended June 30, 2009.
Revenues for the second quarter of 2009 were $117.3 million, up three percent from the $113.8 million recorded in the second quarter of 2008. License revenues for the second quarter were $48.7 million, compared to $48.5 million recorded in the second quarter of 2008. Total revenues were negatively impacted by currency fluctuations. Using currency exchange rates from the second quarter of 2008, total revenues would have been $6.5 million higher in the second quarter of 2009.
Income from operations for the second quarter of 2009, calculated in accordance with U.S. generally accepted accounting principles (GAAP), was a second quarter record $17.1 million or 15 percent of revenue, up 17 percent from $14.6 million in the second quarter of 2008. GAAP net income for the second quarter of 2009 was $12.0 million or $0.13 per diluted share, in comparison to $11.5 million or $0.12 per diluted share in the second quarter of 2008. For the three-month periods ended June 30, 2009 and June 30, 2008, earnings per diluted share was calculated on an "if converted" basis, including the add-back of $1.0 and $1.1 million, respectively, of interest and convertible notes issuance cost amortization, net of income taxes.
Non-GAAP income from operations for the second quarter of 2009 was $26.5 million or 23 percent of revenue, up 22 percent from $21.7 million in the second quarter of 2008. Non-GAAP net income for the second quarter of 2009 was $18.7 million or $0.19 per diluted share, up 12 percent from $16.7 million or $0.17 per diluted share in the second quarter of 2008. 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 restructurings, purchased in-process research and development, and share-based payments. A reconciliation of GAAP results to non-GAAP results is included below.
For the six-month period ended June 30, 2009, revenues were $226.4 million, an increase of four percent from the $217.5 million recorded for the first six months of 2008. License revenues for the first six months of 2009 were $92.8 million, up from $92.7 million in the first six months of 2008. GAAP net income for the first six months of 2009 was $23.0 million or $0.25 per diluted share, up from $22.7 million or $0.24 per diluted share in the first six months of 2008. Non-GAAP net income for the first six months of 2009 was $35.8 million or $0.37 per diluted share, up over 10 percent from $32.4 million or $0.33 per diluted share in the first six months of 2008. For the six-month periods ended June 30, 2009 and June 30, 2008, earnings per diluted share is calculated on an "if converted" basis, including the add-back of $2.1 and $2.2 million, respectively, of interest and convertible notes issuance cost amortization, net of income taxes.
"Our sustained record results over the previous five years, despite the unprecedented macroeconomic challenges, underscore the merits of our focused strategy to establish Informatica as the number one independent leader in the data integration market," said Sohaib Abbasi, chairman and CEO of Informatica. "I would like to recognize the Informatica team for their exemplary operational discipline."
Significant milestones achieved since April 2009 include:
* Signed repeat business with 237 customers. Customers continue to
derive considerable value from their investments in Informatica
solutions. Repeat customers included Alliant Energy, Allergan,
Bank of America, Cadbury Adams, Deutsche Post, Harvard Business
School, Maryland Department of Education and Safaricom.
* Added 65 new customers. Informatica increased its customer base
this quarter to 3,793 companies including 65 new Informatica
customers and 64 customers added through the AddressDoctor
acquisition. New customers include China Southern Power Grid,
Comprehensive Health Management, Directorate General of
Immigration Indonesia, Friends Provident Management Services,
Japan Post, Sterling Health Plans and Swire Beverage.
* Announced PowerCenter Cloud Edition and Informatica On Demand
PowerCenter Service. PowerCenter Cloud Edition enables IT
departments to deploy PowerCenter on Amazon's Elastic Computing
Cloud (Amazon EC2) infrastructure to integrate data managed by
Amazon EC2, other cloud computing vendors and even on-premise
applications.
* Acquired AddressDoctor to advance Data Quality leadership by
adding premier global address validation capabilities covering
more than 200 countries and territories. With AddressDoctor,
Informatica customers gain global address validation as part of a
comprehensive data quality product offering.
* Positioned in the Leaders Quadrant in the Gartner 2009 Data
Quality Tools Magic Quadrant. According to the report, "the
market for data quality tools continues to enjoy significant
growth despite challenging economic conditions and the general
curtailment of IT budgets. Organizations are aware that data
quality competence is fundamental to the success of critical
initiatives such as master data management (MDM), information
governance, business intelligence (BI) and IT modernization."
* Announced Ninth Annual Innovation Awards. 2009 winners were
recognized for achieving exemplary business value and showcasing
operational efficiencies through their use of the Informatica
Data Integration Platform. The overall winner for 2009 was
Carnival Cruise Lines for "A Strategic Approach to Data
Integration." Additional winners include Australian Department of
Innovation, Industry, Science and Research (DIISR), Australian
Pharmaceutical Industry, Avaya, Bax Global/Schenker, BNSF,
Centene, Duke Energy, ICICI Prudential Life Insurance Company,
NBC Universal, Smith & Nephew and Zyme Solutions.
* Received certification for Informatica's Application Information
Lifecycle Management solutions for Data Archiving on the Hitachi
Content Archive Platform. The Hitachi and Informatica
relationship provides customers with a cost-effective way to
archive, store and retrieve business critical information.
* Informatica CFO Earl Fry recognized as Finance Executive of the
Year 2009. Mr. Fry was awarded Stevie Awards in the 7th annual
American Business Awards and in the 6th annual International
Business Awards in recognition of his contributions to
Informatica's growth and his exceptional financial stewardship
Conference Call and Webcast
Informatica will discuss its second quarter 2009 results on a conference call today beginning at 2:00 p.m. PDT. A live Webcast of the conference call will be available at http://www.informatica.com/investor. A replay of the call will also be available by dialing 617-801-6888, reservation number 41395997.
About Informatica
Informatica Corporation (Nasdaq:INFA) is the world's number one independent leader in data integration software. The Informatica Platform provides corporations with a comprehensive, unified, open and economical approach to lower IT costs and gain competitive advantage from their information assets. More than 3,700 companies worldwide rely on Informatica to access, integrate and trust their information assets held in the traditional enterprise and in the internet cloud. For more information, call +1-650-385-5000 (1-800-653-3871 in the U.S.) or visit www.informatica.com.
INFORMATICA CORPORATION
GAAP TO NON-GAAP RESULTS
(in thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
----------------- -----------------
2009 2008 2009 2008
------- ------- ------- -------
GAAP Net income $11,989 $11,503 $23,048 $22,727
Plus:
Amortization of
acquired technology 1,859 951 3,416 1,571
Amortization of
intangible assets 2,434 993 4,485 1,355
Facilities restructuring
charges 595 921 1,404 1,868
Purchased in-process
research and development -- 390 -- 390
Share-based payments 4,564 3,832 8,763 7,946
Tax benefit of amortization
of intangible assets and
Restructuring charges (1,821) (1,049) (3,474) (1,801)
Tax benefit of purchased
in-process research and
development -- (152) -- (152)
Tax benefit of share-based
payments (958) (694) (1,847) (1,496)
------- ------- ------- -------
Non-GAAP Net income $18,662 $16,695 $35,795 $32,408
======= ======= ======= =======
Three Months Ended Six Months Ended
June 30, June 30,
2009 2008 2009 2008
------- ------- ------- -------
Diluted net income per share:*
Diluted GAAP Net income
per share $ 0.13 $ 0.12 $ 0.25 $ 0.24
Plus:
Amortization of
acquired technology 0.02 0.01 0.03 0.01
Amortization of
intangible assets 0.02 0.01 0.04 0.01
Facilities restructuring
charges 0.01 0.01 0.01 0.02
Purchased in-process research
and development -- -- -- --
Share-based payments 0.04 0.04 0.09 0.08
Tax benefit of amortization
of intangible assets and --
Restructuring charges (0.02) (0.01) (0.03) (0.02)
Tax benefit of purchased
in-process research
and development -- -- -- --
Tax benefit of share-based
payments (0.01) (0.01) (0.02) (0.01)
------- ------- ------- -------
Diluted Non-GAAP Net income
per share $ 0.19 $ 0.17 $ 0.37 $ 0.33
======= ======= ======= =======
Shares used in computing
diluted GAAP Net income
per share 100,692 104,457 101,019 104,403
Shares used in computing
diluted Non-GAAP Net income
per share 102,038 104,898 101,902 104,925
* Diluted EPS is calculated under the "if converted" method for the
three and six months ended June 30, 2009 and 2008. This includes
the add-back of interest and convertible notes issuance cost
amortization, net of applicable income taxes of $1.0 and $1.1
million for the three months ended June 30, 2009 and 2008,
respectively, and $2.1 and $2.2 million for the six months ended
June 30, 2009 and 2008, respectively.
Non-GAAP Financial Information
To supplement the Company's condensed consolidated financial statements presented on a GAAP basis, Informatica uses non-GAAP financial measures of net income, income from operations and net income per share. These measures are adjusted to exclude the charges and expenses discussed above. The Company believes the disclosure of such non-GAAP financial measures is appropriate to enhance an overall understanding of its historical financial performance. These adjustments to the Company's GAAP results are made with the intent of providing both management and investors a more complete understanding of the Company's underlying operational results, trends, and marketplace performance. Informatica believes that the inclusion of these non-GAAP financial measures provides consistency and comparability with its historical financial results, as well as comparability to similar companies in the Company's industry, many of which present similar non-GAAP financial measures to investors. In addition, these non-GAAP financial measures are among the primary indicators management uses as a basis for its planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income, income from operations, or net income per share prepared in accordance with GAAP in the U.S.
Forward Looking Statements
This press release contains forward-looking statements relating to Informatica's opportunity for growth in the data integration market, Informatica's acquisition of AddressDoctor, expected benefits to our customers and products and assumptions regarding product release and service availability. 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 (1) competition with larger companies that have longer operating histories and greater financial, technical, marketing, and other resources; (2) uncertainty in the state of IT spending and the continued growth in the market for data integration solutions in general; (3) successful integration of AddressDoctor's products and employees and the achievement of expected synergies; (4) lack of control regarding our strategic partners' devotion of adequate resources to promote, sell, implement, and support our products; and (5) delays or changes in announced product and service functionality. Additional risks and uncertainties are included under the caption "Risk Factors" in Informatica's report on Form 10-Q for the quarter ended March 31, 2009, which are on file with the SEC and are available on the Company's investor relations website at http://www.informatica.com/. All information provided in this release is as of July 23, 2009 and Informatica undertakes no duty to update this information.
Note: Informatica, PowerCenter Cloud Edition, Informatica On Demand PowerCenter Service and AddressDoctor are trademarks or registered trademark 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)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------ ------------------
2009 2008 2009 2008
-------- -------- -------- --------
Revenues:
License $ 48,730 $ 48,523 $ 92,789 $ 92,732
Service 68,614 65,237 133,613 124,738
-------- -------- -------- --------
Total revenues 117,344 113,760 226,402 217,470
-------- -------- -------- --------
Cost of revenues:
License 628 897 1,376 1,590
Service 18,374 21,380 36,846 41,165
Amortization of
acquired technology 1,859 951 3,416 1,571
-------- -------- -------- --------
Total cost of revenues 20,861 23,228 41,638 44,326
-------- -------- -------- --------
Gross profit 96,483 90,532 184,764 173,144
Operating expenses:
Research and development 18,928 18,497 37,111 36,221
Sales and marketing 46,444 45,966 87,882 88,753
General and administrative 10,995 9,146 21,801 17,515
Amortization of
intangible assets 2,434 993 4,485 1,355
Facilities restructuring
charges 595 921 1,404 1,868
Purchased in-process research
and development -- 390 -- 390
-------- -------- -------- --------
Total operating expenses 79,396 75,913 152,683 146,102
-------- -------- -------- --------
Income from operations 17,087 14,619 32,081 27,042
Interest income and other, net (7) 1,765 879 5,323
-------- -------- -------- --------
Income before income taxes 17,080 16,384 32,960 32,365
Income tax provision 5,091 4,881 9,912 9,638
-------- -------- -------- --------
Net income $ 11,989 $ 11,503 $ 23,048 $ 22,727
======== ======== ======== ========
Basic net income per
common share $ 0.14 $ 0.13 $ 0.26 $ 0.26
======== ======== ======== ========
Diluted net income per common
share (1) $ 0.13 $ 0.12 $ 0.25 $ 0.24
======== ======== ======== ========
Shares used in computing basic
net income per common share 87,198 88,565 87,378 88,347
======== ======== ======== ========
Shares used in computing
diluted net income per
common share 100,692 104,457 101,019 104,403
======== ======== ======== ========
(1) Diluted EPS is calculated under the "if converted" method for the
three and six months ended June 30, 2009 and 2008. This includes
the add-back of interest and convertible notes issuance cost
amortization, net of applicable income taxes of $1.0 and $1.1
million for the three months ended June 30, 2009 and 2008,
respectively, and $2.1 and $2.2 million for the six months ended
June 30, 2009 and 2008, respectively.
INFORMATICA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30, Dec. 31,
2009 2008
-------- --------
(unaudited)
Assets
Current assets:
Cash and cash equivalents $134,220 $179,874
Short-term investments 287,101 281,055
Accounts receivable, net of allowances of
$3,127 and $2,558 respectively 78,896 87,492
Deferred tax assets 23,777 22,336
Prepaid expenses and other current assets 13,848 12,498
-------- --------
Total current assets 537,842 583,255
Property and equipment, net 8,260 9,063
Goodwill and intangible assets, net 321,541 254,592
Long-term deferred tax assets 2,550 7,294
Other assets 8,414 8,908
-------- --------
Total assets $878,607 $863,112
======== ========
Liabilities and stockholders' equity
Current liabilities:
Accounts payable and other current liabilities $ 79,659 $ 71,282
Accrued facilities restructuring charges 20,476 19,529
Deferred revenues 122,656 120,892
-------- --------
Total current liabilities 222,791 211,703
Convertible senior notes 201,000 221,000
Accrued facilities restructuring charges, less
current portion 39,007 44,939
Long-term deferred revenues 5,269 8,847
Long-term income taxes payable 12,721 20,668
Stockholders' equity 397,819 355,955
-------- --------
Total liabilities and stockholders' equity $878,607 $863,112
======== ========
INFORMATICA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Six Months Ended
June 30,
-------------------
2009 2008
-------- --------
Operating activities:
Net income $ 23,048 $ 22,727
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 2,698 2,813
Allowance for doubtful accounts and sales
returns allowance 297 215
Gain on early extinguishment of debt (337) --
Share-based payments 8,763 7,946
Deferred income taxes (402) (1,377)
Tax benefits from stock option plans 2,552 5,124
Excess tax benefits from
share-based payments (1,366) (4,375)
Amortization of intangible assets and
acquired technology 7,901 2,926
In-process research and development -- 390
Non-cash facilities restructuring charges 1,404 1,868
Other non-cash items 116 (128)
Changes in operating assets and
liabilities:
Accounts receivable 10,538 14,618
Prepaid expenses and other assets (1,289) (14,718)
Accounts payable and other
current liabilities (9,330) 645
Income taxes payable (554) 1,309
Accrued facilities restructuring charges (6,308) (6,036)
Deferred revenues (5,779) 7,891
-------- --------
Net cash provided by
operating activities 31,952 41,838
-------- --------
Investing activities:
Purchases of property and equipment (1,800) (1,921)
Purchases of investments (222,874) (152,784)
Payment of investment in equity interests -- (3,000)
Maturities and sales of investments 216,532 206,625
Business acquisitions, net of cash acquired (58,963) (79,844)
Transfer from restricted cash -- 12,016
-------- --------
Net cash used in investing activities (67,105) (18,908)
-------- --------
Financing activities:
Net proceeds from issuance of common stock 13,793 18,782
Repurchases and retirement of common stock (9,021) (15,838)
Repurchases of convertible senior notes (19,200) --
Excess tax benefits from share-based payments 1,366 4,375
-------- --------
Net cash provided by (used in)
financing activities (13,062) 7,319
-------- --------
Effect of foreign exchange rate changes on
cash and cash equivalents 2,561 1,244
-------- --------
Net increase (decrease) in cash and
cash equivalents (45,654) 31,493
Cash and cash equivalents at beginning
of period 179,874 203,661
-------- --------
Cash and cash equivalents at end of period $134,220 $235,154
======== ========
INFORMATICA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
Three Months Ended
June 30, 2009
------------------------------
Adjust-
GAAP ments(a) Non-GAAP
-------- -------- --------
Revenues:
License $ 48,730 $ -- $ 48,730
Service 68,614 -- 68,614
-------- -------- --------
Total revenues 117,344 -- 117,344
-------- -------- --------
Cost of revenues:
License 628 -- 628
Service 18,374 (583)(b) 17,791
Amortization of
acquired technology 1,859 (1,859) --
-------- -------- --------
Total cost of revenues 20,861 (2,442) 18,419
-------- -------- --------
Gross profit 96,483 2,442 98,925
Operating expenses:
Research and development 18,928 (1,173)(b) 17,755
Sales and marketing 46,444 (1,578)(b) 44,866
General and administrative 10,995 (1,230)(b) 9,765
Amortization of
intangible assets 2,434 (2,434) --
Facilities restructuring
charges 595 (595) --
Purchased in-process research
and development -- -- --
-------- -------- --------
Total operating expenses 79,396 (7,010) 72,386
-------- -------- --------
Income from operations 17,087 9,452 26,539
Interest income and other, net (7) -- (7)
-------- -------- --------
Income before income taxes 17,080 9,452 26,532
Income tax provision 5,091 2,779 7,870
-------- -------- --------
Net income $ 11,989 $ 6,673 $ 18,662
======== ======== ========
Net income per share:
Basic $ 0.14 $ 0.21
======== ========
Diluted(c) $ 0.13 $ 0.19
======== ========
Weighted shares used to compute
net income per share:
Basic 87,198 87,198
======== ========
Diluted 100,692 1,346(d) 102,038
======== ======== ========
Three Months Ended
June 30, 2008
------------------------------
Adjust-
GAAP ments(a) Non-GAAP
-------- -------- --------
Revenues:
License $ 48,523 $ -- $ 48,523
Service 65,237 -- 65,237
-------- -------- --------
Total revenues 113,760 -- 113,760
-------- -------- --------
Cost of revenues:
License 897 -- 897
Service 21,380 (493)(b) 20,887
Amortization of
acquired technology 951 (951) --
-------- -------- --------
Total cost of revenues 23,228 (1,444) 21,784
-------- -------- --------
Gross profit 90,532 1,444 91,976
Operating expenses:
Research and development 18,497 (966)(b) 17,531
Sales and marketing 45,966 (1,230)(b) 44,736
General and administrative 9,146 (1,143)(b) 8,003
Amortization of
intangible assets 993 (993) --
Facilities restructuring
charges 921 (921) --
Purchased in-process research
and development 390 (390) --
-------- -------- --------
Total operating expenses 75,913 (5,643) 70,270
-------- -------- --------
Income from operations 14,619 7,087 21,706
Interest income and other, net 1,765 -- 1,765
-------- -------- --------
Income before income taxes 16,384 7,087 23,471
Income tax provision 4,881 1,895 6,776
-------- -------- --------
Net income $ 11,503 $ 5,192 $ 16,695
======== ======== ========
Net income per share:
Basic $ 0.13 $ 0.19
======== ========
Diluted(c) $ 0.12 $ 0.17
======== ========
Weighted shares used to compute
net income per share:
Basic 88,565 88,565
======== ========
Diluted 104,457 441(d) 104,898
======== ======== ========
(a) The following table summarizes the Non-GAAP adjustments for the
respective periods presented:
Three Months Ended
June 30,
-------------------
2009 2008
-------- --------
Net income, GAAP basis $ 11,989 $ 11,503
Amortization of acquired technology 1,859 951
Amortization of intangible assets 2,434 993
Facilities restructuring charges 595 921
Purchased in-process research
and development -- 390
Share-based payments 4,564 3,832
Tax benefit for amortization of intangible
assets and restructuring charges (1,821) (1,049)
Tax benefit of purchased in-process
research and development -- (152)
Tax benefit of share-based payments (958) (694)
-------- --------
Net income, Non-GAAP basis $ 18,662 $ 16,695
======== ========
(b) This amount represents share-based payments.
(c) Diluted EPS is calculated under the "if converted" method for the
three months ended June 30, 2009 and 2008. This includes the
add-back of interest and convertible notes issuance cost
amortization, net of applicable income taxes of $1.0 and $1.1
million for the three months ended June 30, 2009 and 2008,
respectively.
(d) Anti-diluted shares generated from the unrecognized share-based
payments under the "treasury stock method" have been added back
to the non-GAAP diluted weighted shares due to non-GAAP results
excluding the share-based payments.
INFORMATICA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
Six Months Ended
June 30, 2009
------------------------------
Adjust-
GAAP ments(a) Non-GAAP
-------- -------- --------
Revenues:
License $ 92,789 $ -- $ 92,789
Service 133,613 -- 133,613
-------- -------- --------
Total revenues 226,402 -- 226,402
-------- -------- --------
Cost of revenues:
License 1,376 -- 1,376
Service 36,846 (1,114)(b) 35,732
Amortization of
acquired technology 3,416 (3,416) --
-------- -------- --------
Total cost of revenues 41,638 (4,530) 37,108
-------- -------- --------
Gross profit 184,764 4,530 189,294
Operating expenses:
Research and development 37,111 (2,291)(b) 34,820
Sales and marketing 87,882 (2,945)(b) 84,937
General and administrative 21,801 (2,413)(b) 19,388
Amortization of
intangible assets 4,485 (4,485) --
Facilities restructuring
charges 1,404 (1,404) --
Purchased in-process
research and development -- -- --
-------- -------- --------
Total operating expenses 152,683 (13,538) 139,145
-------- -------- --------
Income from operations 32,081 18,068 50,149
Interest income and other, net 879 -- 879
-------- -------- --------
Income before income taxes 32,960 18,068 51,028
Income tax provision 9,912 5,321 15,233
-------- -------- --------
Net income $ 23,048 $ 12,747 $ 35,795
======== ======== ========
Net income per share:
Basic $ 0.26 $ 0.41
======== ========
Diluted (c) $ 0.25 $ 0.37
======== ========
Weighted shares used to compute
net income per share:
Basic 87,378 87,378
======== ========
Diluted 101,019 883(d) 101,902
======== ======== ========
Six Months Ended
June 30, 2008
------------------------------
Adjust-
GAAP ments(a) Non-GAAP
-------- -------- --------
Revenues:
License $ 92,732 $ -- $ 92,732
Service 124,738 -- 124,738
-------- -------- --------
Total revenues 217,470 -- 217,470
-------- -------- --------
Cost of revenues:
License 1,590 -- 1,590
Service 41,165 (1,039)(b) 40,126
Amortization of
acquired technology 1,571 (1,571) --
-------- -------- --------
Total cost of revenues 44,326 (2,610) 41,716
-------- -------- --------
Gross profit 173,144 2,610 175,754
Operating expenses:
Research and development 36,221 (2,030)(b) 34,191
Sales and marketing 88,753 (2,603)(b) 86,150
General and administrative 17,515 (2,274)(b) 15,241
Amortization of
intangible assets 1,355 (1,355) --
Facilities restructuring
charges 1,868 (1,868) --
Purchased in-process
research and development 390 (390) --
-------- -------- --------
Total operating expenses 146,102 (10,520) 135,582
-------- -------- --------
Income from operations 27,042 13,130 40,172
Interest income and other, net 5,323 -- 5,323
-------- -------- --------
Income before income taxes 32,365 13,130 45,495
Income tax provision 9,638 3,449 13,087
-------- -------- --------
Net income $ 22,727 $ 9,681 $ 32,408
======== ======== ========
Net income per share:
Basic $ 0.26 $ 0.37
======== ========
Diluted (c) $ 0.24 $ 0.33
======== ========
Weighted shares used to compute
net income per share:
Basic 88,347 88,347
======== ========
Diluted 104,403 522(d) 104,925
======== ======== ========
(a) The following table summarizes the Non-GAAP adjustments for the
respective periods presented:
Six Months Ended
June 30,
--------------------
2009 2008
-------- --------
Net income, GAAP basis $ 23,048 $ 22,727
Amortization of acquired technology 3,416 1,571
Amortization of intangible assets 4,485 1,355
Facilities restructuring charges 1,404 1,868
Purchase in-process research and development -- 390
Share-based payments 8,763 7,946
Tax benefit for amortization of
intangible assets and restructuring charges (3,474) (1,801)
Tax benefit of purchased in-process research
and development -- (152)
Tax benefit of share-based payments (1,847) (1,496)
-------- --------
Net income, Non-GAAP basis $ 35,795 $ 32,408
======== ========
(b) This amount represents share-based payments.
(c) Diluted EPS is calculated under the "if converted" method for the
six months ended June 30, 2009 and 2008. This includes the
add-back of of interest and convertible notes issuance cost
amortization, net of applicable income taxes of $2.1 million and
$2.2 million for the six months ended June 30, 2009 and 2008,
respectively.
(d) Anti-diluted shares generated from the unrecognized share-based
payments under the "treasury stock method" have been added back
to the non-GAAP diluted weighted shares due to non-GAAP results
excluding the share-based payments.
CONTACT: Informatica Corporation
Public Relations
Debbie Walery
+ 1 650 385 5735
dwalery@informatica.com
Stephanie Wakefield, Senior Director, Investor Relations
+1 650 385 5261
swakefield@informatica.com
