Informatica Corporation, the world?s number one independent provider of data integration software, announced financial results for the fourth quarter and the year ended December 31, 2009.
Revenues for the fourth quarter of 2009 were $150.9 million, up 21 percent from the $124.4 million recorded in the fourth quarter of 2008. License revenues for the fourth quarter were $71.6 million, up 25 percent from the $57.2 million recorded in the fourth quarter of 2008. Income from operations for the fourth quarter, calculated in accordance with U.S. generally accepted accounting principles (GAAP), was $35.0 million. This compares to $39.5 million in income from operations in the fourth quarter of 2008, which included the one time benefit of $11.5 million from patent-related litigation proceeds net of patent contingency accruals. GAAP net income for the fourth quarter of 2009 was $25.0 million or $0.25 per diluted share, up over 19 percent from $19.9 million or $0.21 per diluted share in the fourth quarter of 2008. For the three-month periods ended December 31, 2009 and December 31, 2008, earnings per diluted share is 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 fourth quarter of 2009 was $44.2 million, up 24 percent from $35.6 million in the fourth quarter of 2008. Non-GAAP net income for the fourth quarter of 2009 was $31.5 million or $0.31 per diluted share, up 29 percent from $23.5 million or $0.24 per diluted share in the fourth quarter of 2008. Non-GAAP income from operations and non-GAAP net income exclude charges and benefits related to the amortization of acquired technology and intangible assets, share-based payments, facilities restructurings, acquisitions and other, and patent-related litigation proceeds net of patent contingency accruals. A reconciliation of GAAP results to non-GAAP results is included below.
For the year ended December 31, 2009, revenues were $500.7 million, an increase of 10 percent from the $455.7 million recorded in 2008. License revenues for the year 2009 were $214.3 million, up nine percent from $195.8 million for the year 2008. GAAP income from operations for 2009 was $89.4 million, up six percent from $84.2 million for 2008. GAAP net income for the year 2009 was $64.2 million or $0.66 per diluted share, up over 13 percent from $56.0 million or $0.58 per diluted share for the year 2008. Non-GAAP income from operations for the year of 2009 was $125.2 million, up 24 percent from $101.2 million for the year 2008. Non-GAAP net income for 2009 was $89.6 million or $0.91 per diluted share, up over 19 percent from $74.8 million or $0.76 per diluted share in 2008. For the years ended December 31, 2008 and December 31, 2009, earnings per diluted share is calculated on an ?if converted? basis, including the add-back of $4.0 million in 2009 and $4.3 million in 2008 of interest and convertible notes issuance cost amortization, net of income taxes. Non-GAAP income from operations and non-GAAP net income exclude charges and benefits related to the amortization of acquired technology and intangible assets, share-based payments, facilities restructurings, acquisitions and other, and patent-related litigation proceeds net of patent contingency accruals.
?In 2009, we attained our fifth consecutive record year. Over the past five years, we consistently achieved year-over-year growth rates that are significantly faster than the enterprise software industry,? said Sohaib Abbasi, chairman and CEO of Informatica. ?Clearly, our singular mission, compelling value proposition and the team?s relentless pace of innovation are driving record results in all economic times.?
Significant milestones achieved since October 2009 include:
— Signed repeat business with 356 customers. Customers continue to derive considerable value from their investments in Informatica solutions. Repeat customers included Alcatel-Lucent, Bell Mobility, British Sky Broadcasting, Monsanto, Standard & Poor?s, Thomson Corporation, Union Bank and US Xpress.
— Added 74 new customers. Informatica increased its customer base this quarter to 3,931 companies. New customers included the Asseco Poland, Columbia Sportswear Company, ENMAX, the Federation of State Medical Boards, HealthNow of New York, Sensis and Tatung University.
— Acquired Siperian, a visionary pioneer in the Master Data Management (MDM) infrastructure technology category. The new MDM Infrastructure category expands Informatica?s addressable market. Based on the existing tight integration between Informatica and Siperian products, Informatica is even better prepared to advance its leadership in its core data integration and MDM infrastructure markets.
— Launched Informatica 9. The first and only data integration platform enabling the data-driven enterprise through Business-IT Collaboration, Pervasive Data Quality and SOA-Based Data Services. The Platform combines products in six categories: enterprise data integration, data quality, B2B data exchange, application information lifecycle management, complex event processing and cloud computing data integration.
— Launched Informatica Cloud 9. A comprehensive offering for cloud integration, comprised of the Informatica Cloud Platform – a multi-tenant, enterprise-class data integration platform-as-a-service, new and enhanced cloud software-as-a-service offerings and Informatica Address Quality Cloud Services running on Amazon EC2.
— Achieved SWIFT Certification. Scoring 99% to 100% from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) on rigorous SWIFTReady MDS Certification, the Informatica Platform achieved one of the most technically advanced solution categories defined by SWIFT.
— Positioned in the Leaders Quadrant in the Gartner 2009 Data Integration Tools Magic Quadrant. According to the report, ?Leaders in the data integration tools market are front-runners in the convergence of single purpose tools into an offering that supports a range of data delivery styles. These vendors are strong in the more traditional data integration patterns such as ETL, they support newer patterns such as data federation, and provide capabilities that enable data services in the context of SOA. Leaders have significant mind share in the market, and resources skilled with their tools are readily available. These vendors establish market trends, to a large degree, by providing new functional capabilities in their products, and by identifying new types of business problems where data integration tools can bring significant value.?
— Informatica Cloud Data Loader named 2009 ?Best Data Integration Tool?. For the second consecutive year Informatica, the preferred data integration partner for salesforce.com, garnered more four and five star reviews than any other integration product in its category. More than 500 companies around the world use Informatica Cloud to integrate their Salesforce CRM applications and Force.com platform with their back office systems.
— Announced $50 million Stock Repurchase Authorization. Informatica?s Board of Directors has approved $50 million to replenish the existing authorization under the company?s common stock repurchase program, including the repurchase of its outstanding common stock and convertible notes from time to time. The company expects to repurchase shares to offset the otherwise dilutive impact of stock option exercise and restricted stock vesting activity. Purchases may be made, from time to time, in the open market and will be funded from available working capital. The number of shares to be purchased and the timing of purchases will be based on several factors, including the price of Informatica’s stock, general business and market conditions, and other investment opportunities.