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Informatica Corporation: Form 8-K
Informatica Corporation: Form 8-K
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): July 23, 2009
INFORMATICA CORPORATION
(Exact name of Registrant as specified in its charter)
(650) 385-5000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:
Written communications pursuant to Rule 425 under Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On July 23, 2009, Informatica Corporation issued a press release reporting its results for the second quarter ended June 30, 2009. A copy of
the press release issued by Informatica Corporation concerning the foregoing results is furnished herewith as Exhibit 99.1 and is incorporated
herein by reference.
99.1 Press Release dated July 23, 2009 reporting Informatica Corporation’s results for the second quarter ended June 30, 2009.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, hereunto duly authorized.
99.1 Press Release dated July 23, 2009 reporting Informatica Corporation’s results for the second quarter ended June 30, 2009.
Exhibit 99.1
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)
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
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.
###
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)
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
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)
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
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)
Cost of revenues:
License 628 — 628 897 — 897
Service 18,374 (583) (b) 17,791 21,380 (493) (b) 20,887
Amortization of acquired
technology 1,859 (1,859) — 951 (951) —
Total cost of revenues 20,861 (2,442) 18,419 23,228 (1,444) 21,784
Operating expenses:
Research and development 18,928 (1,173) (b) 17,755 18,497 (966) (b) 17,531
Sales and marketing 46,444 (1,578) (b) 44,866 45,966 (1,230) (b) 44,736
General and administrative 10,995 (1,230) (b) 9,765 9,146 (1,143) (b) 8,003
Amortization of intangible assets 2,434 (2,434) — 993 (993) —
Facilities restructuring charges 595 (595) — 921 (921) —
Purchased in-process research and
development — — — 390 (390) —
Total operating expenses 79,396 (7,010) 72,386 75,913 (5,643) 70,270
Income from operations 17,087 9,452 26,539 14,619 7,087 21,706
Interest income and other, net (7) — (7) 1,765 — 1,765
Income before income taxes 17,080 9,452 26,532 16,384 7,087 23,471
Income tax provision 5,091 2,779 7,870 4,881 1,895 6,776
Net income $ 11,989 $ 6,673 $ 18,662 $ 11,503 $ 5,192 $ 16,695
(a) The following table summarizes the Non-GAAP adjustments for the respective periods presented:
Cost of revenues:
License 1,376 — 1,376 1,590 — 1,590
Service 36,846 (1,114) (b) 35,732 41,165 (1,039) (b) 40,126
Amortization of acquired
technology 3,416 (3,416) — 1,571 (1,571) —
Total cost of revenues 41,638 (4,530) 37,108 44,326 (2,610) 41,716
Operating expenses:
Research and development 37,111 (2,291) (b) 34,820 36,221 (2,030) (b) 34,191
Sales and marketing 87,882 (2,945) (b) 84,937 88,753 (2,603) (b) 86,150
General and administrative 21,801 (2,413) (b) 19,388 17,515 (2,274) (b) 15,241
Amortization of intangible assets 4,485 (4,485) — 1,355 (1,355) —
Facilities restructuring charges 1,404 (1,404) — 1,868 (1,868) —
Purchased in-process research and
development — — — 390 (390) —
Total operating expenses 152,683 (13,538) 139,145 146,102 (10,520) 135,582
Income from operations 32,081 18,068 50,149 27,042 13,130 40,172
Interest income and other, net 879 — 879 5,323 — 5,323
Income before income taxes 32,960 18,068 51,028 32,365 13,130 45,495
Income tax provision 9,912 5,321 15,233 9,638 3,449 13,087
Net income $ 23,048 $ 12,747 $ 35,795 $ 22,727 $ 9,681 $ 32,408
(a) The following table summarizes the Non-GAAP adjustments for the respective periods presented: