Informatica (US:INFA)2025-02-13 21:14Revenue Performance - GAAP Total Revenues for Q4 2024 decreased 3.8% year-over-year to $428.3 million, missing guidance by $29.7 million[3]. - Total revenues for Q4 2024 were $428.3 million, a decrease of 3.9% compared to $445.2 million in Q4 2023[49]. - Total ARR for the full-year 2024 increased 6% year-over-year to $1.73 billion[4]. - Subscription revenue for the full year 2024 reached $1.1 billion, up 9.4% from $1.0 billion in 2023[49]. - Total Annual Recurring Revenue (ARR) increased to $1.725 billion in 2024 from $1.626 billion in 2023, marking a growth of 6.1%[61]. Cloud Subscription Metrics - Cloud Subscription Annual Recurring Revenue (ARR) increased 34% year-over-year to $827 million in Q4 2024[4]. - Cloud Subscription ARR rose to $827.3 million in 2024, up from $616.8 million in 2023, indicating a significant increase of 34.1%[61]. - The company reported 284 customers spending over $1 million in subscription ARR, an 18% increase year-over-year[13]. - Subscription Net Retention Rate at the end-user level was 104% in 2024, down from 106% in 2023[61]. - Maintenance Renewal Rate decreased to 92% in 2024 from 95% in 2023[63]. Profitability and Income - GAAP Operating Income for the full-year 2024 was $127 million, with a GAAP Operating Margin of 7.7%[8]. - Non-GAAP Operating Income for the full-year 2024 was $537.5 million, with a Non-GAAP Operating Margin of 32.8%[8]. - Net income for Q4 2024 was $9.8 million, compared to a net income of $64.3 million in Q4 2023[49]. - Non-GAAP net income for Q4 2024 was $128,601, up 32.2% from $97,297 in Q4 2023[55]. - GAAP income from operations for Q4 2024 was $63,426, compared to $36,832 in Q4 2023, reflecting a growth of 72.1%[56]. Cash Flow and Financial Position - Cash and cash equivalents increased to $912.5 million as of December 31, 2024, up from $732.4 million in 2023[51]. - Total cash provided by operating activities for the twelve months ended December 31, 2024, was $409,850, an increase of 53.7% from $266,347 in 2023[53]. - Adjusted Unlevered Free Cash Flow (after-tax) is expected to be in the range of $540.0 million to $580.0 million, representing approximately -3.3% year-over-year decrease at the midpoint[23]. - Adjusted Free Cash Flows (after-tax) margin improved to 35% in Q4 2024 from 26% in Q4 2023[59]. - Net Debt as of December 31, 2024, was $1.823 billion, compared to $1.842 billion in 2023[67]. Future Guidance and Expectations - The company expects Cloud Subscription ARR to reach $1 billion by the end of 2025[2]. - Guidance for Q1 2025 projects Total Revenues between $380 million and $400 million, representing approximately 0.4% year-over-year growth at the midpoint[18]. - GAAP Total Revenues are expected to be in the range of $1.670 billion to $1.720 billion, representing approximately 3.4% year-over-year growth at the midpoint[23]. - Total ARR is expected to be in the range of $1.755 billion to $1.795 billion, representing approximately 2.9% year-over-year growth at the midpoint[23]. - Cloud Subscription ARR is expected to be in the range of $1.019 billion to $1.051 billion, representing approximately 25.1% year-over-year growth at the midpoint[23]. Operational Insights - The company processed 110.7 trillion cloud transactions per month in Q4 2024, a 29% increase year-over-year[13]. - The transition from perpetual licenses to cloud offerings is expected to impact Maintenance ARR in future quarters[36]. - The company emphasizes the importance of Cloud Subscription NRR as a metric for understanding growth within its cloud subscription customer base[37]. - The company is focusing on reducing operating expenses and adjusting cash flows in light of current business needs and priorities[25]. - The company plans to provide a reconciliation of non-GAAP financial measures to GAAP measures for better transparency[28].