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Q1 2011 Earnings Call
April 21, 2011 5:00 pm ET
Previous Statements by INFA
» Informatica Corporation CEO Discusses Q4 2010 Results - Earnings Call Transcript
» Informatica Corporation CEO Discusses Q3 2010 Results - Earnings Call Transcript
» Informatica Corporation Q2 2010 Earnings Call Transcript
Stephanie Wakefield - Vice President of Investor Relations
Sohaib Abbasi - Chairman, Chief Executive Officer and President
Patrick Walravens - JMP Securities LLC
Michael Nemeroff - Wedbush Securities Inc.
Brad Reback - Oppenheimer & Co. Inc.
Mitesh Dhruv - BofA Merrill Lynch
Thomas Ernst - Deutsche Bank AG
James Wood - Susquehanna Financial Group, LLLP
Nathan Schneiderman - Roth Capital Partners, LLC
Edward Maguire - Credit Agricole Securities (USA) Inc.
Michael Turits - Raymond James & Associates, Inc.
Bradley Whitt - Gleacher & Company, Inc.
Mark Murphy - Piper Jaffray Companies
Tom Roderick - Stifel, Nicolaus & Co., Inc.
Good afternoon. My name is Kristen and I will be your conference operator today. At this time, I would like to welcome everyone to the Informatica First Quarter 2011 Earnings Conference Call. [Operator Instructions] At this time, I would like to turn the call over to our host, Ms. Stephanie Wakefield, Vice President of Investor Relations. Please go ahead.
Good afternoon, and thank you for joining us today. I'm here with Sohaib Abbasi, our CEO; and Earl Fry, our CFO; to discuss our Q1 2011 results as we talk about our outlook for the business. I'll read the Safe Harbor and then hand it over to Sohaib for his comments. Some of the comments we'll make today are forward-looking statements, including statements concerning our projected financial results for future periods, our growth and operational strategies, our marketing and growth opportunities, our technology leadership, our product portfolio and opportunities, planned product releases, customers' option and demand for our products and services, including product upgrades and new releases, the expected use of and benefits from our products and services by customers, the expected benefits of our partnerships, our hiring plans and our expectations regarding future industry trends and macroeconomic development.
All forward-looking statements are based upon current expectations and beliefs. However, actual results could differ materially. There are many reasons why actual results may differ from our current expectations. These forward-looking statements should not be relied upon as representing our views as of any subsequent date and Informatica undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date that they are made. Please refer to our recent SEC filings, including our annual report for the year ended December 31, 2010 for a detailed description of the risk factors that may affect our results. Copies of these documents may be obtained from the SEC or by contacting our Investor Relations department.
During this afternoon's discussion, we will be using GAAP and non-GAAP numbers. Our GAAP results in the reconciliation of the GAAP results to the non-GAAP results are attached in the earnings press release and are also available in the supplemental metrics section of the Informatica Investor Relations website at www.informatica.com/investor.
Before I hand it up to Sohaib, I'd like to remind you that this call is being webcast and will also be available for replay at the Informatica Investor Relations website. I would also like to ask you when we get to the question-and-answer period to please confine yourself to just 1 question. We will allow additional questions if time permits.
With that, I'll turn it over to Sohaib.
Thank you, Stephanie. I am delighted to announce that in Q1 2011, we obtained record first quarter revenues and record first quarter non-GAAP operating income. This afternoon, I will highlight the key business drivers for our first quarter results. After Earl's presentation of our financial results, I will comment on our business outlook related to 2 secular technology trends, cloud computing and big data.
Total revenues grew by 24% year-over-year to $168 million. New license revenues grew 30% to $71.5 million. With non-GAAP EPS of $0.28, we achieved the most profitable first quarter to date. Our record Q1 results signify our compelling customer value proposition and the team's exceptional operational discipline.
Our Q1 results are further evidence that our value proposition aligns well with the top priorities of our customers. In these uncertain times of change, data matters more than ever and data integration offers a compelling value proposition to empower the data-centric enterprise.
Our successes across all the major geographic regions illustrate both customer demand and operational discipline of the Informatica team. In EMEA, the exceptional results attained by our team in U.K. underscore our value proposition even in times of austerity measures. In the Americas, we benefited from important wins across a broad range of vertical segment, including financial services, high-tech, healthcare and utilities. In Asia Pacific, our results varied by region. From robust customer demand in Greater China through disruptions from the tragic natural disasters in Japan. By enabling top business imperatives of our customers, data integration now has the most strategic growth than ever before as illustrated by our customer win around the world.
In Europe, the U.K. Department of Work and Pensions (sic) [Department for Work and Pensions], DWP, expanded its use of Informatica for its key initiative called Universal Credit. To better manage taxpayer monies in these times of austerity measures, DWP plans to consolidate benefits data, such as pensions, into 1 universal payment system. Using Informatica, DWP will integrate large amounts of structured and unstructured data. The Universal Credit system will enable DWP to share its view of benefits with taxation agencies to help eliminate costly paper trails and reduce benefits fraud.