Q3 2024 Informatica Inc Earnings Call Transcript
Key Points
- Informatica Inc (INFA) reported a solid third quarter, exceeding the midpoint of their guidance ranges.
- The company achieved a historic milestone by surpassing 100 trillion processed cloud transactions per month.
- Cloud subscription ARR grew 36% year over year, reaching the high end of their guidance range.
- Informatica Inc (INFA) strengthened its cash position and grew non-GAAP operating income by 18% year over year.
- The company was recognized by Oracle Cloud as a Global ISV Business Impact Partner of the Year, reflecting strong strategic partnerships.
- Self-managed subscription ARR declined by 11% year over year, reflecting a gradual decline in this category.
- Maintenance ARR was down approximately 7% year over year, consistent with expectations of decline.
- US revenue declined 1% year-over-year, primarily due to a decline in self-managed license and support services.
- The subscription renewal rate was 89%, down 4.7 percentage points year over year due to lower self-managed subscription renewal rates.
- There was a sequential decline in the number of customers spending more than $1 million in subscription ARR.
Good afternoon and thank you for attending today's Informatica Inc.'s fiscal year third-quarter 2024 conference call. My name is Cameron, and I will be your moderator for today. (Operator Instructions)
I would now like to pass the conference over to your host Victoria Hyde-Dunn, Vice President of Investor Relations. You may proceed.
Thank you. Good afternoon, and thank you for joining Informatica's Third Quarter 2024 Conference Call. Joining me today are Amit Walia, Chief Executive Officer; and Mike McLaughlin, Chief Financial Officer. Before we begin, we have a couple of reminders. Our earnings press release and slide presentation are available on our Investor Relations website at investors.informatica.com.
Our prepared remarks will be posted on the Investor Relations website after the conference call concludes. During the call, we will be making comments of a forward-looking nature. Actual results may differ materially from those expressed or implied
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