Informatica Inc. (NYSE:INFA) Q3 2023 Earnings Call Transcript
Informatica Inc. (NYSE:INFA) Q3 2023 Earnings Call Transcript November 1, 2023
Informatica Inc. beats earnings expectations. Reported EPS is $0.2673, expectations were $0.22.
Operator: Hello, and welcome to the Informatica Inc. Fiscal Q3 2023 Financial Results. My name is Elliot and I will be coordinating your call today. [Operator Instructions] I'd now like to hand over to Victoria Hyde-Dunn, Vice President of Investor Relations. The floor is yours. Please go ahead.
Victoria Hyde-Dunn: Good afternoon, and thank you for joining Informatica's third quarter 2023 Earnings 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 IR 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 as a result of various risks and uncertainties. For more information about some of these risks, please review the company's SEC filings, including the section titled Risk Factors, included in our most recent 10-Q and 10-K filings for the full year 2022.
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These forward-looking statements are based on information as of today, and we assume no obligation to publicly update or revise our forward-looking statements, except as required by law. Additionally, we will be discussing certain non-GAAP financial measures. These non-GAAP financial measures are in addition to and not a substitute for measures of financial performance prepared in accordance with GAAP. A reconciliation of these items to the nearest US GAAP measure can be found in this afternoon's press release and our slide presentation available on Informatica's Investor Relations website. It's my pleasure to turn the call over to Amit.
Amit Walia: Thank you, Victoria. Thank you everyone for joining us today. I will start today's call by summarizing three key points. First, we delivered a solid third quarter. We exceeded guidance across all top and bottom line metrics, driven again by strong customer momentum and execution from a cloud-only consumption-driven strategy. In addition to exceeding guidance in, Q3 based on our strong performance we are raising non-GAAP operating income and adjusted unlevered free cash flow after tax guidance for the full year. This is in addition to the raise we did on these metrics from our previous earnings call. Second we continue to accelerate our innovation-led cloud transformation to make IDMC powered by our AI engine player, the data management platform of choice for enterprises across the globe, as they build their modern data architecture to drive their AI-driven digital transformation.
Third, as we look ahead to next year, we remain committed to delivering balanced profitable growth, while continuing to build on our successful cloud-only consumption-driven strategy. As a part of this, we announced a restructuring today, which I will discuss in more detail at the end of my remarks. Now, let's discuss these topics in more detail. Turning to Q3 sights, we exceeded the high end of guidance for ARR and revenue metrics. Cloud subscription ARR grew 37% year-over-year to a record $550 million. Our subscription ARR grew 15% year-over-year and total revenue grew 10% year-over-year. We strengthened our cash position and beat the high end of guidance for non-GAAP operating income and adjusted unlevered free cash flow after tax as well.
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