We saw strong growth in average subscription ARR per customer, which now has reached to $310,000, a 15% increase year-over-year. Customers that spend more than $1 million in subscription ARR increased 24% year-over-year to 258 customers. Approximately 72% of our cloud net new ARR in the trailing 12 months came from new cloud workloads and expansions. We increased opportunities with existing customers and drove new workloads in G2K markets through our sales teams and our partners supported by a healthy cloud pipeline. Total revenue grew 6% year-over-year to $389 million and non-GAAP operating income increased 29% year-over-year to $109 million.Īdjusted unlevered free cash flow after-tax was $183 million. Turning to first quarter results, cloud subscription ARR grew 35% year-over-year to $653 million, subscription ARR increased 13% year-over-year to $1.16 billion and total ARR rose 7% year-over-year to $1.64 billion. Now, let’s discuss these topics in more detail. Third, as we shared at our Investor Day, we are focused on consistently executing our cloud-only consumption-driven strategy across three growth engines, ongoing data-driven digital transformation, our on-premise to cloud migration, and GenAI to fuel cloud growth and drive long-term value creation. We launched Cloud Data Access Management, our new data access and governance solution, based on technology from our acquisition of Privitar last year.Īs we head into Informatica World, we plan to launch CLAIRE GPT, our generative AI chat interface on the IDMC platform. Second, we further accelerated Informatica’s product innovation journey to deliver the best data management products on the industry’s only AI-powered data management platform, serving a multi-vendor, multi-cloud hybrid needs of modern enterprises. In line with our pre-announcement last week, we delivered all key growth and profitability metrics above our midpoint guidance and we are reaffirming full year 2024 guidance. First, we delivered a solid first quarter, executing a cloud-only consumption-driven strategy. I will start today’s call by summarizing three key points. With that, it’s my pleasure to turn the call over to Amit.Īmit Walia: Well, thank you, Victoria. GAAP measure can be found in this afternoon’s press release and our slide presentation available on Informatica’s Investor Relations website.

A reconciliation of these items to the nearest U.S. These non-GAAP financial measures are in addition to, and not a substitute for, measures of financial performance prepared in accordance with GAAP. Additionally, we will be discussing certain non-GAAP financial measures. 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. 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 filing for the full year 2023. Actual results may differ materially from those expressed or implied as a result of various risks and uncertainties. During the call, we will be making comments of a forward-looking nature. Our prepared remarks will be posted on the IR website after the conference call concludes. Our earnings press release and slide presentation are available on our Investor Relations website at. Before we begin, we have a couple of reminders. Joining me today are Amit Walia, Chief Executive Officer and Mike McLaughlin, Chief Financial Officer.

And thank you for joining Informatica’s first quarter 2024 earnings conference call.

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