REDWOOD CITY, Calif. - Informatica (NYSE: INFA), a prominent enterprise cloud data management company, has updated its financial outlook for the first quarter of 2024, which concluded on March 31, 2024.
The company anticipates its GAAP Total Revenues, Subscription Annual Recurring Revenue (ARR), Cloud Subscription ARR, and Non-GAAP Operating Income to land within the upper half of the previously provided guidance ranges. Moreover, Informatica expects its Adjusted Unlevered Free Cash Flow (after-tax) to significantly surpass 100% of its Non-GAAP Operating Income.
The updated financial outlook aligns with the company's reaffirmed forecast for the full year of 2024. Detailed financial results for the first quarter are scheduled for release on May 1, 2024, after the market closes.
"Our business fundamentals continue to be very strong and we look forward to discussing our first quarter financial results and outlook on May 1," stated Amit Walia, CEO of Informatica.
In a separate development, Informatica addressed recent acquisition speculation. Despite a report by The Wall Street Journal on April 12, 2024, suggesting that the company was in advanced talks for a buyout, Informatica has confirmed that it is not engaged in any discussions regarding an acquisition.
Informatica also announced the departure of Jitesh Ghai, the Executive Vice President and Chief Product Officer, who is resigning to pursue an executive opportunity at another company. CEO Walia expressed gratitude for Ghai's contributions and extended best wishes for his future endeavors.
Investors are reminded that non-GAAP financial measures should not be considered in isolation or as a substitute for financial information presented by GAAP.
These updates are based on a press release statement from Informatica.
InvestingPro Insights
As Informatica (NYSE: INFA) prepares to release its first-quarter financial results, there are several key metrics and InvestingPro Tips that investors should consider. The company's market capitalization currently stands at $10.38 billion, reflecting its significant presence in the enterprise cloud data management sector. Despite not being profitable over the last twelve months, analysts are optimistic about Informatica's potential for net income growth this year. This outlook is bolstered by the company's impressive gross profit margins, which reached 79.53% in the last twelve months as of Q1 2023.
Investors should note that Informatica is trading at a high revenue valuation multiple, which may indicate expectations of future growth and profitability. The company's revenue has grown by 5.98% over the last year, with an even more robust quarterly growth rate of 11.63% in Q1 2023. Additionally, Informatica's return over the last year has been high, with a price total return of 124.14%, showcasing the company's strong performance in the market.
For those seeking a deeper dive into Informatica's financial health and future prospects, InvestingPro offers a comprehensive analysis. There are 12 additional InvestingPro Tips available, which can provide valuable insights for making informed investment decisions. To access these insights and tips, visit https://www.investing.com/pro/INFA. Remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, enhancing your investment research with the advanced features of InvestingPro.
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