Informatica Reports Record Third Quarter License Revenues, Total Revenues and Earnings
REDWOOD CITY, Calif., Oct 22, 2009 (GlobeNewswire via COMTEX) -- By Staff
Company: Informatica Corp. (INFA)
Informatica Corporation (Nasdaq:INFA), the world's number one independent provider of data integration software, today announced financial results for the third quarter ended September 30, 2009.
Revenues for the third quarter of 2009 were $123.4 million, up eight percent from the $113.8 million recorded in the third quarter of 2008. License revenues for the third quarter were $50.0 million, up nine percent from the $45.8 million recorded in the third quarter of 2008. Income from operations for the third quarter, calculated in accordance with U.S. generally accepted accounting principles (GAAP), was $22.3 million, up 26 percent from $17.7 million in the third quarter of 2008. GAAP net income for the third quarter was $16.2 million or $0.17 per diluted share, up 21 percent from $13.4 million or $0.14 per diluted share in the third quarter of 2008. For the three-month periods ended September 30, 2009 and September 30, 2008, earnings per diluted share was calculated on an "if converted" basis, including the add-back of $1.0 million and $1.1 million, respectively, of interest and convertible notes issuance cost amortization, net of income taxes.
Non-GAAP income from operations for the third quarter of 2009 was $30.9 million, up 22 percent from $25.4 million in the third quarter of 2008. Non-GAAP net income for the third quarter of 2009 was $22.3 million or $0.22 per diluted share, up over 15 percent from $18.9 million or $0.19 per diluted share in the third 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, patent contingency accrual reversals and share-based payments. A reconciliation of GAAP results to non-GAAP results is included below.
For the nine-month period ended September 30, 2009, revenues were $349.8 million, up six percent from the $331.3 million recorded for the first nine months of 2008. License revenues for the first nine months of 2009 were $142.8 million, up three percent from $138.6 million in the first nine months of 2008. GAAP income from operations for the first nine months of 2009 was $54.4 million, up 22 percent from $44.7 million in the first nine months of 2008. GAAP net income for the first nine months of 2009 was $39.2 million or $0.41 per diluted share, up over seven percent from $36.1 million or $0.38 per diluted share in the first nine months of 2008. Non-GAAP income from operations for the first nine months of 2009 was $81.0 million, up 23 percent from $65.6 million in the first nine months of 2008. Non-GAAP net income for the first nine months of 2009 was $58.1 million or $0.59 per diluted share, up 13 percent from $51.3 million or $0.52 per diluted share in the first nine months of 2008. For the nine-month periods ended September 30, 2009 and September 30, 2008, earnings per diluted share is calculated on an "if converted" basis, including the add-back of $3.1 and $3.3 million, respectively, of interest and convertible notes issuance cost amortization, net of income taxes.
"With our time-tested strategy and the team's proven operational discipline, Informatica has attained sustained record results over the past five years," said Sohaib Abbasi, chairman and CEO of Informatica. "In 2010, with improving macroeconomic conditions, Informatica is well positioned for strong growth through relentless innovation that delivers compelling business value to our customers."
Significant milestones achieved since July 2009 include: * Signed repeat business with 237 customers. Customers continue to derive considerable value from their investments in Informatica solutions. Repeat customers included ACH Food Companies, Cincinnati Children's Hospital, CVS Pharmacy, Electronic Arts, ING Continental Europe, Ministerie van Defensie, Paramount Pictures and Vivo Celular. * Added 64 new customers. Informatica increased its customer base this quarter to 3,857 companies. New customers include APS Healthcare, Cyfrowy Polsat, China Mobile Jiangsu, Hachette Book Group, HDFC Bank, Ruby Tuesday, University of Michigan and VMware. * Acquired Agent Logic. The acquisition expands Informatica's addressable market with an additional high-growth, adjacent technology category -- Complex Event Processing (CEP). The combination of CEP and data integration enables organizations to be more responsive, adaptable and agile. * Expanded partnership with HP. Informatica and HP will deliver a new portfolio of integrated business intelligence solutions that help customers accelerate business decisions and optimize business performance by giving them access to more timely and accurate information. * Partnered with Intel. Intel SOA Expressway will embed Informatica B2B Data Transformation for integrating and transforming data from legacy and proprietary formats to SWIFT and other payment networks, thus accelerating integration and messaging of financial industry information across disparate formats and systems. * Earned top marks in Customer Loyalty in TNS Custom Research Data Integration Software survey. For the fourth consecutive year, Informatica earned top marks in Customer Loyalty in the 2009 Data Integration survey conducted by independent research firm TNS, a world leader in market insight and information.
Conference Call and Webcast
Informatica will discuss its third 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 32146396.
INFORMATICA CORPORATION
GAAP TO NON-GAAP RESULTS
(in thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ ------------------
2009 2008 2009 2008
-------- -------- -------- --------
GAAP Net income $ 16,192 $ 13,381 $ 39,240 $ 36,108
Plus:
Amortization of acquired
technology 2,081 1,283 5,497 2,854
Amortization of intangible
assets 2,754 1,502 7,239 2,857
Facilities restructuring
charges 557 896 1,961 2,764
Purchased in-process research
and development -- -- -- 390
Share-based payments 4,369 4,038 13,132 11,984
Patent contingency accrual
reversal (1,170) -- (1,170) --
Tax benefit of amortization
of intangible assets and
restructuring charges (1,979) (1,420) (5,453) (3,221)
Tax benefit of purchased
in-process research and
development -- -- -- (152)
Tax benefit of share-based
payments (940) (748) (2,787) (2,244)
Tax effect of patent
contingency accrual reversal 456 -- 456 --
-------- -------- -------- --------
Non-GAAP Net income $ 22,320 $ 18,932 $ 58,115 $ 51,340
======== ======== ======== ========
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ ------------------
2009 2008 2009 2008
-------- -------- -------- --------
Diluted net income
per share: *
Diluted GAAP Net income
per share $ 0.17 $ 0.14 $ 0.41 $ 0.38
Plus:
Amortization of acquired
technology 0.02 0.01 0.05 0.03
Amortization of intangible
assets 0.02 0.01 0.07 0.03
Facilities restructuring
charges 0.01 0.01 0.02 0.02
Purchased in-process research
and development -- -- -- --
Share-based payments 0.04 0.04 0.13 0.11
Patent contingency accrual
reversal (0.01) -- (0.01) --
Tax benefit of amortization
of intangible assets and
restructuring charges (0.02) (0.01) (0.05) (0.03)
Tax benefit of purchased
in-process research and
development -- -- -- --
Tax benefit of share-based
payments (0.01) (0.01) (0.03) (0.02)
Tax effect of patent
contingency accrual reversal -- -- -- --
-------- -------- -------- --------
Diluted Non-GAAP Net income
per share $ 0.22 $ 0.19 $ 0.59 $ 0.52
======== ======== ======== ========
Shares used in computing
diluted GAAP Net income
per share 103,516 103,740 102,507 103,735
Shares used in computing
diluted Non-GAAP Net income
per share 104,936 104,435 103,535 104,640
-----------
* Diluted EPS is calculated under the "if converted" method for
the three and nine months ended September 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 million and $1.1 million for the three months ended
September 30, 2009 and 2008, respectively, and $3.1 million
and $3.3 million for the nine months ended September 30, 2009
and 2008, respectively.
About Informatica
Informatica Corporation (Nasdaq:INFA) is the world's number one independent provider of 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 3,850 enterprises 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.
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 Agent Logic and expected benefits to our customers and products, efforts being conducted with strategic partners 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 Agent Logic'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 June 30, 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 October 22, 2009 and Informatica undertakes no duty to update this information.
Note: Informatica and Agent Logic are 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)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ ------------------
2009 2008 2009 2008
-------- -------- -------- --------
Revenues:
License $ 49,981 $ 45,846 $142,770 $138,578
Service 73,413 67,971 207,026 192,709
-------- -------- -------- --------
Total revenues 123,394 113,817 349,796 331,287
-------- -------- -------- --------
Cost of revenues:
License 648 722 2,024 2,312
Service 18,759 20,404 55,605 61,569
Amortization of acquired
technology 2,081 1,283 5,497 2,854
-------- -------- -------- --------
Total cost of revenues 21,488 22,409 63,126 66,735
-------- -------- -------- --------
Gross profit 101,906 91,408 286,670 264,552
Operating expenses:
Research and development 19,978 18,263 57,089 54,484
Sales and marketing 47,484 43,667 135,366 132,420
General and administrative 8,845 9,412 30,646 26,927
Amortization of intangible
assets 2,754 1,502 7,239 2,857
Facilities restructuring
charges 557 896 1,961 2,764
Purchased in-process research
and development -- -- -- 390
-------- -------- -------- --------
Total operating expenses 79,618 73,740 232,301 219,842
-------- -------- -------- --------
Income from operations 22,288 17,668 54,369 44,710
Interest income and other, net (127) 1,500 752 6,823
-------- -------- -------- --------
Income before income taxes 22,161 19,168 55,121 51,533
Income tax provision 5,969 5,787 15,881 15,425
-------- -------- -------- --------
Net income $ 16,192 $ 13,381 $ 39,240 $ 36,108
======== ======== ======== ========
Basic net income per
common share $ 0.18 $ 0.15 $ 0.45 $ 0.41
======== ======== ======== ========
Diluted net income per
common share (1) $ 0.17 $ 0.14 $ 0.41 $ 0.38
======== ======== ======== ========
Shares used in computing basic
net income per common share 88,283 88,570 87,837 88,422
======== ======== ======== ========
Shares used in computing
diluted net income per
common share 103,516 103,740 102,507 103,735
======== ======== ======== ========
(1) Diluted EPS is calculated under the "if converted" method for
the three and nine months ended September 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 million and $1.1 million for the three months ended
September 30, 2009 and 2008, respectively, and $3.1 million
and $3.3 million for the nine months ended September 30, 2009
and 2008, respectively.
INFORMATICA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
Sept. 30, Dec. 31,
2009 2008
-------- --------
(unaudited)
Assets
Current assets:
Cash and cash equivalents $138,457 $179,874
Short-term investments 284,932 281,055
Accounts receivable, net of allowances of $3,522
and $2,558 respectively 83,625 87,492
Deferred tax assets 24,273 22,336
Prepaid expenses and other current assets 13,560 12,498
-------- --------
Total current assets 544,847 583,255
Property and equipment, net 8,042 9,063
Goodwill and intangible assets, net 356,377 254,592
Long-term deferred tax assets 2,481 7,294
Other assets 8,324 8,908
-------- --------
Total assets $920,071 $863,112
======== ========
Liabilities and stockholders' equity
Current liabilities:
Accounts payable and other current liabilities $ 80,447 $ 71,282
Accrued facilities restructuring charges 20,567 19,529
Deferred revenues 126,040 120,892
-------- --------
Total current liabilities 227,054 211,703
Convertible senior notes 201,000 221,000
Accrued facilities restructuring charges,
less current portion 35,973 44,939
Long-term deferred revenues 6,033 8,847
Long-term income taxes payable 12,180 20,668
Stockholders' equity 437,831 355,955
-------- --------
Total liabilities and stockholders' equity $920,071 $863,112
======== ========
INFORMATICA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Nine Months Ended
September 30,
------------------
2009 2008
-------- --------
Operating activities:
Net income $ 39,240 $ 36,108
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 4,063 4,199
Allowance for doubtful accounts 221 742
Gain on early extinguishment of debt (337) --
Share-based payments 13,132 11,984
Deferred income taxes (3,421) (5,637)
Tax benefits from share-based payments 2,631 7,067
Excess tax benefits from share-based payments (2,812) (5,237)
Amortization of intangible assets and
acquired technology 12,736 5,711
Non-cash facilities restructuring charges 1,961 2,764
Other non-cash items (44) 636
Changes in operating assets and liabilities:
Accounts receivable 7,425 16,143
Prepaid expenses and other assets (300) (10,022)
Accounts payable and other current liabilities (20,085) (7,363)
Income taxes payable 5,709 2,788
Accrued facilities restructuring charges (9,766) (9,222)
Deferred revenues (2,825) 1,460
-------- --------
Net cash provided by operating activities 47,528 52,121
-------- --------
Investing activities:
Purchases of property and equipment (2,037) (3,162)
Purchases of investments (306,577) (198,302)
Purchase of investment in equity interest -- (3,000)
Purchase of patent (2,420) --
Maturities and sales of investments 302,592 309,286
Business acquisitions, net of cash acquired (86,024) (79,844)
Transfer from restricted cash -- 12,016
-------- --------
Net cash provided by (used in) investing
activities (94,466) 36,994
-------- --------
Financing activities:
Net proceeds from issuance of common stock 28,832 26,089
Repurchases and retirement of common stock (9,021) (37,260)
Repurchases of convertible senior notes (19,200) --
Excess tax benefits from share-based payments 2,812 5,237
-------- --------
Net cash provided by (used in) financing
activities 3,423 (5,934)
-------- --------
Effect of foreign exchange rate changes on cash
and cash equivalents 2,098 (5,222)
-------- --------
Net increase (decrease) in cash and cash
equivalents (41,417) 77,959
Cash and cash equivalents at beginning of period 179,874 203,661
-------- --------
Cash and cash equivalents at end of period $138,457 $281,620
======== ========
INFORMATICA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
Three Months Ended Three Months Ended
September 30, 2009 September 30, 2008
---------------------------- ----------------------------
Adjust Adjust
GAAP -ments(a) Non-GAAP GAAP -ments(a) Non-GAAP
-------- -------- -------- -------- -------- --------
Revenues:
License $ 49,981 $ -- $ 49,981 $ 45,846 $ -- $ 45,846
Service 73,413 -- 73,413 67,971 -- 67,971
-------- -------- -------- -------- -------- --------
Total
revenues 123,394 -- 123,394 113,817 -- 113,817
-------- -------- -------- -------- -------- --------
Cost of
revenues:
License 648 -- 648 722 -- 722
Service 18,759 (510)(b) 18,249 20,404 (495)(b) 19,909
Amorti
-zation
of
acquired
technology 2,081 (2,081) -- 1,283 (1,283) --
-------- -------- -------- -------- -------- --------
Total
cost of
revenues 21,488 (2,591) 18,897 22,409 (1,778) 20,631
-------- -------- -------- -------- -------- --------
Gross
profit 101,906 2,591 104,497 91,408 1,778 93,186
Operating
expenses:
Research
and
develop
-ment 19,978 (1,177)(b) 18,801 18,263 (1,013)(b) 17,250
Sales and
marketing 47,484 (1,452)(b) 46,032 43,667 (1,332)(b) 42,335
General
and
admini
-strative 8,845 (60)(c) 8,785 9,412 (1,198)(b) 8,214
Amorti
-zation
of
intangible
assets 2,754 (2,754) -- 1,502 (1,502) --
Facilities
restruc
-turing
charges 557 (557) -- 896 (896) --
-------- -------- -------- -------- -------- --------
Total
operating
expenses 79,618 (6,000) 73,618 73,740 (5,941) 67,799
-------- -------- -------- -------- -------- --------
Income
from
oper
-ations 22,288 8,591 30,879 17,668 7,719 25,387
Interest
income and
other, net (127) -- (127) 1,500 -- 1,500
-------- -------- -------- -------- -------- --------
Income
before
income
taxes 22,161 8,591 30,752 19,168 7,719 26,887
Income tax
provision 5,969 2,463 8,432 5,787 2,168 7,955
-------- -------- -------- -------- -------- --------
Net
income $ 16,192 $ 6,128 $ 22,320 $ 13,381 $ 5,551 $ 18,932
======== ======== ======== ======== ======== ========
Net income
per share:
Basic $ 0.18 $ 0.25 $ 0.15 $ 0.21
======== ======== ======== ========
Diluted
(d) $ 0.17 $ 0.22 $ 0.14 $ 0.19
======== ======== ======== ========
Weighted
shares used
to compute
net income
per share:
Basic 88,283 88,283 88,570 88,570
======== ======== ======== ========
Diluted 103,516 1,420 (e) 104,936 103,740 695 (e) 104,435
======== ======== ======== ======== ======== ========
(a) The following table summarizes the Non-GAAP adjustments for the
respective periods presented:
Three Months Ended
September 30,
------------------
2009 2008
-------- --------
Net income, GAAP basis $ 16,192 $ 13,381
Amortization of acquired technology 2,081 1,283
Amortization of intangible assets 2,754 1,502
Facilities restructuring charges 557 896
Share-based payments 4,369 4,038
Patent contingency accrual reversal (1,170) --
Tax benefit for amortization of intangible
assets and restructuring charges (1,979) (1,420)
Tax benefit of share-based payments (940) (748)
Tax effect of patent contingency accrual reversal 456 --
-------- --------
Net income, Non-GAAP basis $ 22,320 $ 18,932
======== ========
(b) Excluded amounts represent share-based payments.
(c) Excluded amount consists of share-based payments of $1,230 and
patent contingency accrual reversal of $(1,170) for the three
months ended September 30, 2009.
(d) Diluted EPS is calculated under the "if converted" method for
the three months ended September 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 million and $1.1 million for the three months ended
September 30, 2009 and 2008, respectively.
(e) 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)
Nine Months Ended Nine Months Ended
September 30, 2009 September 30, 2008
---------------------------- ----------------------------
Adjust Adjust
GAAP -ment(a) Non-GAAP GAAP -ment(a) Non-GAAP
-------- -------- -------- -------- -------- --------
Revenues:
License $142,770 $ -- $142,770 $138,578 $ -- $138,578
Service 207,026 -- 207,026 192,709 -- 192,709
-------- -------- -------- -------- -------- --------
Total
revenues 349,796 -- 349,796 331,287 -- 331,287
-------- -------- -------- -------- -------- --------
Cost of
revenues:
License 2,024 -- 2,024 2,312 -- 2,312
Service 55,605 (1,624)(b) 53,981 61,569 (1,534)(b) 60,035
Amorti
-zation
of
acquired
technology 5,497 (5,497) -- 2,854 (2,854) --
-------- -------- -------- -------- -------- --------
Total
cost of
revenues 63,126 (7,121) 56,005 66,735 (4,388) 62,347
-------- -------- -------- -------- -------- --------
Gross
profit 286,670 7,121 293,791 264,552 4,388 268,940
Operating
expenses:
Research
and
develop
-ment 57,089 (3,468)(b) 53,621 54,484 (3,043)(b) 51,441
Sales and
marketing 135,366 (4,397)(b) 130,969 132,420 (3,935)(b) 128,485
General
and
admini
-strative 30,646 (2,473)(c) 28,173 26,927 (3,472)(b) 23,455
Amort
-ization
of
intangible
assets 7,239 (7,239) -- 2,857 (2,857) --
Facilities
restruc
-turing
charges 1,961 (1,961) -- 2,764 (2,764) --
Purchased
in-process
research
and
develop
-ment -- -- -- 390 (390) --
-------- -------- -------- -------- -------- --------
Total
operating
expenses 232,301 (19,538) 212,763 219,842 (16,461) 203,381
-------- -------- -------- -------- -------- --------
Income
from
oper
-ations 54,369 26,659 81,028 44,710 20,849 65,559
Interest
income and
other, net 752 -- 752 6,823 -- 6,823
-------- -------- -------- -------- -------- --------
Income
before
income
taxes 55,121 26,659 81,780 51,533 20,849 72,382
Income tax
provision 15,881 7,784 23,665 15,425 5,617 21,042
-------- -------- -------- -------- -------- --------
Net
income $ 39,240 $ 18,875 $ 58,115 $ 36,108 $ 15,232 $ 51,340
======== ======== ======== ======== ======== ========
Net income
per share:
Basic $ 0.45 $ 0.66 $ 0.41 $ 0.58
======== ======== ======== ========
Diluted
(d) $ 0.41 $ 0.59 $ 0.38 $ 0.52
======== ======== ======== ========
Weighted
shares used
to compute
net income
per share:
Basic 87,837 87,837 88,422 88,422
======== ======== ======== ========
Diluted 102,507 1,028 (e) 103,535 103,735 905 (e) 104,640
======== ======== ======== ======== ======== ========
(a) The following table summarizes the Non-GAAP adjustments for the
respective periods presented:
Nine Months Ended
September 30,
------------------
2009 2008
-------- --------
Net income, GAAP basis $ 39,240 $ 36,108
Amortization of acquired technology 5,497 2,854
Amortization of intangible assets 7,239 2,857
Facilities restructuring charges 1,961 2,764
Purchase in-process research and development -- 390
Share-based payments 13,132 11,984
Patent contingency accrual reversal (1,170) --
Tax benefit for amortization of intangible
assets and restructuring charges (5,453) (3,221)
Tax benefit of purchased in-process research
and development -- (152)
Tax benefit of share-based payments (2,787) (2,244)
Tax effect of patent contingency accrual reversal 456 --
-------- --------
Net income, Non-GAAP basis $ 58,115 $ 51,340
======== ========
(b) Excluded amounts represent share-based payments.
(c) Excluded amount consists of share-based payments of $3,643
and patent contingency accrual reversal of $(1,170) for the
nine months ended September 30, 2009.
(d) Diluted EPS is calculated under the "if converted" method for
the nine months ended September 30, 2009 and 2008. This
includes the add-back of of interest and convertible notes
issuance cost amortization, net of applicable income taxes of
$3.1 million and $3.3 million for the nine months ended
September 30, 2009 and 2008, respectively.
(e) 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.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Informatica Corporation
CONTACT: Informatica Corporation Corporate Communications Debbie O'Brien + 1 650 385 5735 dobrien@informatica.com Investor Relations Stephanie Wakefield +1 650 385 5261 swakefield@informatica.com
Copyright (C) 2009 GlobeNewswire. All rights reserved
News Provided by COMTEX
Company: Informatica Corp. (INFA)
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