Informatica Named a Leader in 2025 Gartner® Magic Quadrant™ for Data Integration Tools for 20 Consecutive Years
REDWOOD CITY, Calif., Dec. 11, 2025 – Informatica from Salesforce, a leader in enterprise AI-powered cloud data management, today announced that Gartner, Inc. has once again recognized the company as a Leader in the 2025 Gartner® Magic Quadrant™ for Data Integration Tools report. Additionally, Gartner positioned Informatica as the furthest on the Completeness of Vision axis for the 12th consecutive year.
Gartner states, “By 2027, AI assistants and AI-enhanced workflows within data integration tools will reduce manual effort by 60% and enable self-service data management.”
“We are honored to be acknowledged once more as a Leader in the 2025 Gartner Magic Quadrant for Data Integration Tools. To us, this recognition reflects our deep commitment to aligning our innovations with evolving customer needs for modern analytics, operational integration, data science and AI ready data infrastructure,” said Pratik Parekh, Senior Vice President and General Manager at Informatica.
“Effective data integration is foundational for powering all AI initiatives, including Agentic AI and GenAI. Our comprehensive, end-to-end capabilities—spanning data catalog, discovery, ingestion, integration, transformation, cleansing, enrichment, automation and governance — ensure organizations can confidently fuel their AI models with high-quality data. This enables the development of smarter, more reliable and ultimately more impactful AI-driven outcomes” added Pratik Parekh.
According to Gartner, “Data integration tools remain a fundamental architectural component as organizations increasingly seek improved capabilities to support their operational, analytical and AI use cases.”
Access a complimentary copy of the Gartner® Magic Quadrant™ for Data Integration Tools report here.
For more information on Informatica’s data integration solution, please visit the Informatica website.
Gartner Disclaimer
Gartner, Magic Quadrant for Data Integration Tools. Authors: Michele Launi, Nina Showell, Robert Thanaraj, Sharat Meno. Publish date, 8 December, 2025.
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About Informatica
Informatica from Salesforce is a leader in AI-powered enterprise cloud data management. Its Intelligent Data Management Cloud (IDMC) platform enables organizations to connect, manage and unify AI-ready data across the enterprise. With capabilities spanning data cataloging, integration, governance, quality, privacy, metadata management and master data management, Informatica supports a broad partner ecosystem and helps customers unlock the full value of their data and AI initiatives.
About Salesforce
Salesforce is the #1 AI CRM, empowering companies to connect with their customers in a whole new way through the power of artificial intelligence, data, and trust. For more information about Salesforce (NYSE: CRM), visit: www.salesforce.com.
Contact:
Informatica Public Relations
pr@informatica.com
INFORMATICA INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
| Three Months Ended June 30, |
| Six Months Ended June 30, | ||||
| 2025 |
| 2024 |
| 2025 |
| 2024 |
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
Subscription revenue | $ 287,034 |
| $ 264,306 |
| $ 571,044 |
| $ 516,304 |
Maintenance and professional services | 120,310 |
| 136,319 |
| 240,197 |
| 272,928 |
Total revenues | 407,344 |
| 400,625 |
| 811,241 |
| 789,232 |
Cost of revenues: |
|
|
|
|
|
|
|
Subscription costs | 53,606 |
| 47,367 |
| 107,351 |
| 94,210 |
Maintenance and professional services costs | 27,171 |
| 34,501 |
| 53,907 |
| 68,379 |
Amortization of acquired technology | 538 |
| 1,027 |
| 1,069 |
| 2,061 |
Total cost of revenues | 81,315 |
| 82,895 |
| 162,327 |
| 164,650 |
Gross profit | 326,029 |
| 317,730 |
| 648,914 |
| 624,582 |
Operating expenses: |
|
|
|
|
|
|
|
Research and development | 88,240 |
| 79,234 |
| 170,213 |
| 158,888 |
Sales and marketing | 155,491 |
| 147,453 |
| 297,603 |
| 284,886 |
General and administrative | 57,377 |
| 48,962 |
| 97,559 |
| 99,408 |
Amortization of intangible assets | 25,010 |
| 31,718 |
| 49,801 |
| 63,457 |
Restructuring | — |
| 899 |
| — |
| 5,254 |
Total operating expenses | 326,118 |
| 308,266 |
| 615,176 |
| 611,893 |
(Loss) income from operations | (89) |
| 9,464 |
| 33,738 |
| 12,689 |
Interest income | 13,004 |
| 13,765 |
| 26,260 |
| 27,172 |
Interest expense | (29,552) |
| (38,333) |
| (59,009) |
| (77,430) |
Other (expense) income, net | (18,819) |
| 851 |
| (34,485) |
| 7,186 |
Loss before income taxes | (35,456) |
| (14,253) |
| (33,496) |
| (30,383) |
Income tax benefit | (30,807) |
| (19,081) |
| (30,187) |
| (44,545) |
Net (loss) income | $ (4,649) |
| $ 4,828 |
| $ (3,309) |
| $ 14,162 |
Net (loss) income per share attributable to Class A and Class B-1 common stockholders: |
|
|
|
|
|
|
|
Basic | $ (0.02) |
| $ 0.02 |
| $ (0.01) |
| $ 0.05 |
Diluted | $ (0.02) |
| $ 0.02 |
| $ (0.01) |
| $ 0.05 |
Weighted-average shares used in computing net (loss) income per share: |
|
|
|
|
|
|
|
Basic | 302,949 |
| 300,930 |
| 302,811 |
| 298,913 |
Diluted | 302,949 |
| 314,934 |
| 302,811 |
| 313,716 |
CONSOLIDATED BALANCE SHEETS
(in thousands, except par value data)
(Unaudited)
| June 30, |
| December 31, |
| 2025 |
| 2024 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents | $ 1,052,275 |
| $ 912,460 |
Short-term investments | 246,299 |
| 319,951 |
Accounts receivable, net of allowances of $3,422 and $6,618, respectively | 332,600 |
| 509,826 |
Contract assets, net | 60,196 |
| 60,343 |
Prepaid expenses and other current assets | 243,053 |
| 184,939 |
Total current assets | 1,934,423 |
| 1,987,519 |
Property and equipment, net | 137,365 |
| 138,999 |
Operating lease right-of-use-assets | 53,490 |
| 48,438 |
Goodwill | 2,391,833 |
| 2,326,831 |
Customer relationships intangible asset, net | 510,199 |
| 550,404 |
Other intangible assets, net | 4,873 |
| 5,681 |
Deferred tax assets | 19,025 |
| 18,267 |
Other assets | 203,511 |
| 203,393 |
Total assets | $ 5,254,719 |
| $ 5,279,532 |
Liabilities and Stockholders’ Equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable | $ 20,767 |
| $ 27,155 |
Accrued liabilities | 54,236 |
| 57,696 |
Accrued compensation and related expenses | 103,673 |
| 148,248 |
Current operating lease liabilities | 14,060 |
| 13,686 |
Current portion of long-term debt | 18,750 |
| 18,750 |
Income taxes payable | 2,957 |
| 5,815 |
Deferred revenue | 746,839 |
| 819,367 |
Total current liabilities | 961,282 |
| 1,090,717 |
Long-term operating lease liabilities | 42,665 |
| 37,771 |
Long-term deferred revenue | 11,180 |
| 13,910 |
Long-term debt, net | 1,782,706 |
| 1,790,401 |
Deferred tax liabilities | 5,998 |
| 7,828 |
Long-term income taxes payable | 27,528 |
| 24,276 |
Other liabilities | 38,823 |
| 7,315 |
Total liabilities | 2,870,182 |
| 2,972,218 |
Stockholders’ equity: |
|
|
|
Class A common stock; $0.01 par value per share; 2,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 260,595 and 259,485 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively | 2,607 |
| 2,596 |
Class B-1 common stock; $0.01 par value per share; 200,000 shares authorized as of June 30, 2025 and December 31, 2024; 44,050 shares issued and outstanding as of June 30, 2025 and December 31, 2024 | 440 |
| 440 |
Class B-2 common stock; $0.00001 par value per share; 200,000 shares authorized as of June 30, 2025 and December 31, 2024; 44,050 shares issued and outstanding as of June 30, 2025 and December 31, 2024 | — |
| — |
Additional paid-in-capital | 3,690,869 |
| 3,670,371 |
Accumulated other comprehensive loss | (7,350) |
| (67,383) |
Accumulated deficit | (1,302,029) |
| (1,298,710) |
Total stockholders’ equity | 2,384,537 |
| 2,307,314 |
Total liabilities and stockholders’ equity | $ 5,254,719 |
| $ 5,279,532 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
|
| Three Months Ended June 30, |
| Six Months Ended June 30, | ||||
|
| 2025 |
| 2024 |
| 2025 |
| 2024 |
|
|
|
|
|
|
|
|
|
Operating activities: |
|
|
|
|
|
|
|
|
Net (loss) income |
| $ (4,649) |
| $ 4,828 |
| $ (3,309) |
| $ 14,162 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
| 3,504 |
| 3,873 |
| 6,800 |
| 6,066 |
Non-cash operating lease costs |
| 3,124 |
| 3,433 |
| 7,104 |
| 7,335 |
Stock-based compensation |
| 70,392 |
| 65,499 |
| 130,570 |
| 129,600 |
Deferred income taxes |
| 1,806 |
| (745) |
| (1,235) |
| (1,576) |
Amortization of intangible assets and acquired technology |
| 25,548 |
| 32,745 |
| 50,870 |
| 65,518 |
Amortization of debt issuance costs |
| 976 |
| 903 |
| 1,932 |
| 1,790 |
Amortization of investment discount, net of premium |
| (561) |
| (1,408) |
| (1,314) |
| (2,848) |
Debt refinancing costs |
| — |
| 1,366 |
| — |
| 1,366 |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
| (46,763) |
| (44,290) |
| 185,775 |
| 176,418 |
Prepaid expenses and other assets |
| 6,570 |
| 8,430 |
| 12,868 |
| 8,197 |
Accounts payable and accrued liabilities |
| 24,342 |
| 5,001 |
| (64,019) |
| (92,022) |
Income taxes payable |
| (44,824) |
| (31,305) |
| (50,909) |
| (74,812) |
Deferred revenue |
| (14,889) |
| (23,478) |
| (96,383) |
| (82,700) |
Net cash provided by operating activities |
| 24,576 |
| 24,852 |
| 178,750 |
| 156,494 |
Investing activities: |
|
|
|
|
|
|
|
|
Purchases of property and equipment |
| (1,561) |
| (1,175) |
| (4,708) |
| (1,565) |
Purchases of investments |
| (58,693) |
| (122,558) |
| (234,385) |
| (269,555) |
Maturities of investments |
| 104,000 |
| 52,093 |
| 276,500 |
| 202,032 |
Sales of investments |
| 7,929 |
| — |
| 7,929 |
| — |
Other |
| — |
| — |
| — |
| 1,878 |
Net cash provided by / (used in) investing activities |
| 51,675 |
| (71,640) |
| 45,336 |
| (67,210) |
Financing activities: |
|
|
|
|
|
|
|
|
Payment of debt |
| (4,688) |
| (6,659) |
| (9,376) |
| (11,347) |
Payment of debt refinancing costs |
| — |
| (1,349) |
| — |
| (1,349) |
Proceeds from issuance of debt |
| — |
| 1,971 |
| — |
| 1,971 |
Proceeds from issuance of common stock under employee stock purchase plan |
| — |
| — |
| 14,579 |
| 13,797 |
Payments for dividends related to Class B-2 shares |
| — |
| — |
| (10) |
| (12) |
Payments for repurchases of common stock |
| — |
| — |
| (101,346) |
| — |
Payments for taxes related to net share settlement of equity awards |
| (19,590) |
| (30,848) |
| (48,605) |
| (76,691) |
Proceeds from issuance of shares under equity plans |
| 22,987 |
| 28,860 |
| 23,965 |
| 57,721 |
Net cash used in financing activities |
| (1,291) |
| (8,025) |
| (120,793) |
| (15,910) |
Effect of foreign exchange rate changes on cash and cash equivalents |
| 21,050 |
| (1,790) |
| 36,522 |
| (7,352) |
Net increase (decrease) in cash and cash equivalents |
| 96,010 |
| (56,603) |
| 139,815 |
| 66,022 |
Cash and cash equivalents at beginning of period |
| 956,265 |
| 855,068 |
| 912,460 |
| 732,443 |
Cash and cash equivalents at end of period |
| $ 1,052,275 |
| $ 798,465 |
| $ 1,052,275 |
| $ 798,465 |
Supplemental disclosures: |
|
|
|
|
|
|
|
|
Cash paid for interest |
| $ 30,225 |
| $ 37,922 |
| $ 60,227 |
| $ 75,704 |
Cash paid for income taxes, net of refunds |
| $ 12,128 |
| $ 12,970 |
| $ 21,868 |
| $ 31,843 |
NON-GAAP FINANCIAL MEASURES AND KEY BUSINESS METRICS
(in thousands, except per share data and percentages)
(unaudited)
RECONCILIATIONS OF GAAP TO NON-GAAP
Reconciliation of GAAP net (loss) income to Non-GAAP net income
| Three Months Ended |
| Six Months Ended | ||||
| 2025 |
| 2024 |
| 2025 |
| 2024 |
|
|
|
|
|
|
|
|
| (in thousands) |
| (in thousands) | ||||
GAAP net (loss) income | $ (4,649) |
| $ 4,828 |
| $ (3,309) |
| $ 14,162 |
Stock-based compensation-related charges | 71,886 |
| 68,576 |
| 133,502 |
| 132,677 |
Amortization of intangibles | 25,548 |
| 32,745 |
| 50,870 |
| 65,518 |
Restructuring | — |
| 899 |
| — |
| 5,254 |
Debt refinancing costs | — |
| 1,366 |
| — |
| 1,366 |
Facility impairment | — |
| — |
| 624 |
| — |
Acquisition-related costs | 12,028 |
| 2,403 |
| 12,028 |
| 7,205 |
Sponsor-related costs | — |
| 773 |
| 176 |
| 773 |
Income tax effect | (47,828) |
| (40,358) |
| (67,839) |
| (86,499) |
Non-GAAP net income | $ 56,985 |
| $ 71,232 |
| $ 126,052 |
| $ 140,456 |
|
|
|
|
|
|
|
|
Net (loss) income per share: |
|
|
|
|
|
|
|
Net (loss) income per share—basic | $ (0.02) |
| $ 0.02 |
| $ (0.01) |
| $ 0.05 |
Net (loss) income per share—diluted | $ (0.02) |
| $ 0.02 |
| $ (0.01) |
| $ 0.05 |
Non-GAAP net income per share—basic | $ 0.19 |
| $ 0.24 |
| $ 0.42 |
| $ 0.47 |
Non-GAAP net income per share—diluted | $ 0.18 |
| $ 0.23 |
| $ 0.41 |
| $ 0.45 |
|
|
|
|
|
|
|
|
Share count (in thousands): |
|
|
|
|
|
|
|
Weighted-average shares used in computing net (loss) income per share—basic | 302,949 |
| 300,930 |
| 302,811 |
| 298,913 |
Weighted-average shares used in computing net (loss) income per share—diluted | 302,949 |
| 314,934 |
| 302,811 |
| 313,716 |
Weighted-average shares used in computing Non-GAAP net income per share—basic | 302,949 |
| 300,930 |
| 302,811 |
| 298,913 |
Weighted-average shares used in computing Non-GAAP net income per share—diluted | 308,470 |
| 314,934 |
| 308,515 |
| 313,716 |
Reconciliation of GAAP (loss) income from operations to Non-GAAP income from operations
| Three Months Ended |
| Six Months Ended | ||||
| 2025 |
| 2024 |
| 2025 |
| 2024 |
|
|
|
|
|
|
|
|
| (in thousands) |
| (in thousands) | ||||
GAAP (loss) income from operations | $ (89) |
| $ 9,464 |
| $ 33,738 |
| $ 12,689 |
Stock-based compensation-related charges | 71,886 |
| 68,576 |
| 133,502 |
| 132,677 |
Amortization of intangibles | 25,548 |
| 32,745 |
| 50,870 |
| 65,518 |
Restructuring | — |
| 899 |
| — |
| 5,254 |
Facility impairment | — |
| — |
| 624 |
| — |
Acquisition-related costs | 12,028 |
| 2,403 |
| 12,028 |
| 7,205 |
Sponsor-related costs | — |
| 773 |
| 176 |
| 773 |
Non-GAAP income from operations | $ 109,373 |
| $ 114,860 |
| $ 230,938 |
| $ 224,116 |
|
|
|
|
|
|
|
|
GAAP operating margin (% of total revenue) | 0.0 % |
| 2.4 % |
| 4.2 % |
| 1.6 % |
Non-GAAP operating margin (% of total revenue) | 26.9 % |
| 28.7 % |
| 28.5 % |
| 28.4 % |
NON-GAAP FINANCIAL MEASURES AND KEY BUSINESS METRICS
Adjusted EBITDA Reconciliation
| Three Months Ended |
| Six Months Ended |
| Trailing Twelve Months ("TTM") Ended June 30, | ||||
| 2025 |
| 2024 |
| 2025 |
| 2024 |
| 2025 |
|
|
|
|
|
|
|
|
|
|
| (in thousands) |
| (in thousands) |
| (in thousands) | ||||
GAAP net (loss) income | $ (4,649) |
| $ 4,828 |
| $ (3,309) |
| $ 14,162 |
| $ (7,540) |
Income tax benefit | (30,807) |
| (19,081) |
| (30,187) |
| (44,545) |
| 57,592 |
Interest income | (13,004) |
| (13,765) |
| (26,260) |
| (27,172) |
| (55,525) |
Interest expense | 29,552 |
| 38,333 |
| 59,009 |
| 77,430 |
| 127,643 |
Debt refinancing costs | — |
| 1,366 |
| — |
| 1,366 |
| — |
Other expense (income), net | 18,819 |
| (2,217) |
| 34,485 |
| (8,552) |
| 25,927 |
Stock-based compensation-related charges | 71,886 |
| 68,576 |
| 133,502 |
| 132,677 |
| 263,913 |
Amortization of intangibles | 25,548 |
| 32,745 |
| 50,870 |
| 65,518 |
| 111,097 |
Facility impairment | — |
| — |
| 624 |
| — |
| 624 |
Restructuring | — |
| 899 |
| — |
| 5,254 |
| 7,251 |
Acquisition-related costs | 12,028 |
| 2,403 |
| 12,028 |
| 7,205 |
| 12,392 |
Sponsor-related costs | — |
| 773 |
| 176 |
| 773 |
| 906 |
Depreciation | 3,301 |
| 3,853 |
| 6,605 |
| 6,071 |
| 13,922 |
Adjusted EBITDA | $ 112,674 |
| $ 118,713 |
| $ 237,543 |
| $ 230,187 |
| $ 558,202 |
Adjusted Unlevered Free Cash Flow
| Three Months Ended June 30, |
| Six Months Ended June 30, | ||||
| 2025 |
| 2024 |
| 2025 |
| 2024 |
|
|
|
|
|
|
|
|
| (in thousands, except percentages) |
| (in thousands, except percentages) | ||||
Total GAAP Revenue | $ 407,344 |
| $ 400,625 |
| $ 811,241 |
| $ 789,232 |
Net cash provided by operating activities | $ 24,576 |
| $ 24,852 |
| $ 178,750 |
| $ 156,494 |
Less: Purchases of property and equipment | (1,561) |
| (1,175) |
| (4,708) |
| (1,565) |
Add: Restructuring costs | 652 |
| 2,527 |
| 5,243 |
| 16,473 |
Add: Acquisition related costs | 4,778 |
| 6,682 |
| 4,778 |
| 6,682 |
Add: Sponsor-related costs | 35 |
| 429 |
| 390 |
| 429 |
Adjusted Free Cash Flow (after-tax)(1)(2) | $ 28,480 |
| $ 33,315 |
| $ 184,453 |
| $ 178,513 |
Add: Cash paid for interest | 30,225 |
| 37,922 |
| 60,227 |
| 75,704 |
Adjusted Unlevered Free Cash Flow (after-tax)(1)(2) | $ 58,705 |
| $ 71,237 |
| $ 244,680 |
| $ 254,217 |
|
|
|
|
|
|
|
|
Adjusted Free Cash Flow (after-tax) margin(1)(2) | 7 % |
| 8 % |
| 23 % |
| 23 % |
Adjusted Unlevered Free Cash Flow (after-tax) margin(1)(2) | 14 % |
| 18 % |
| 30 % |
| 32 % |
(1) Includes cash tax payments of $12.1 million and $12.9 million for the three months ended June 30, 2025 and 2024, respectively and $21.8 million and $31.8 million for the six months ended June 30, 2025 and 2024, respectively.
(2) Includes foreign exchange remeasurement (loss) gain of $(13.1) million and $1.9 million for the three months ended June 30, 2025 and 2024, respectively and $(26.4) million and $5.9 million for the six months ended June 30, 2025 and 2024, respectively, primarily from U.S. dollar cash held offshore.
Key Business Metrics
| June 30, | ||
| 2025 |
| 2024 |
|
|
|
|
| (in thousands, except percentages) | ||
Cloud Subscription Annual Recurring Revenue | $ 900,963 |
| $ 702,600 |
Self-managed Subscription Annual Recurring Revenue | 399,177 |
| 493,935 |
Maintenance Annual Recurring Revenue on Perpetual Licenses | 419,548 |
| 471,697 |
Total Annual Recurring Revenue | $ 1,719,688 |
| $ 1,668,232 |
|
|
|
|
Cloud Subscription Net Retention Rate (Global Parent level) | 120 % |
| 126 % |
SUPPLEMENTAL INFORMATION
Additional Business Metrics
| June 30, | ||
| 2025 |
| 2024 |
Maintenance Renewal Rate | 89 % |
| 96 % |
Total Cloud Subscription Annual Recurring Revenue customers | 2,509 |
| 2,340 |
Cloud transactions processed per month in trillions(1) | 128.2 |
| 96.6 |
(1) Total number of cloud transactions processed on our platform per month in trillions, which measures data processed.
Disaggregation of Revenues
| Three Months Ended |
| Six Months Ended | ||||
| 2025 |
| 2024 |
| 2025 |
| 2024 |
| (in thousands) |
| (in thousands) | ||||
Revenues: |
|
|
|
|
|
|
|
Cloud subscription(i) | $ 209,931 |
| $ 161,422 |
| $ 409,866 |
| $ 312,860 |
Self-managed subscription support and other(i) | 40,964 |
| 48,908 |
| 82,460 |
| 97,499 |
Maintenance(ii) | 102,919 |
| 116,482 |
| 206,128 |
| 234,160 |
Total revenue recognized over time | 353,814 |
| 326,812 |
| 698,454 |
| 644,519 |
Self-managed subscription license recognized at a point in time(i)(iii) | 36,139 |
| 53,976 |
| 78,718 |
| 105,945 |
Total subscription and maintenance revenue | 389,953 |
| 380,788 |
| 777,172 |
| 750,464 |
Professional services(ii) | 17,391 |
| 19,837 |
| 34,069 |
| 38,768 |
Total revenues | $ 407,344 |
| $ 400,625 |
| $ 811,241 |
| $ 789,232 |
(i) Included in Subscription revenue on the consolidated statements of operations.
(ii) Included in Maintenance and Professional services revenue on the consolidated statements of operations.
(iii) The Company previously presented Perpetual license revenue separately. Because revenue for perpetual licenses are not material for current or past periods due to our transition to a cloud-only, consumption-driven strategy, the Company has combined these amounts into Self-managed subscription license recognized at a point in time and retrospectively adjusted past periods for comparative purposes.
Revenue recognized over time refers to ratable recognition over the contractual term. Revenue recognized at a point in time refers to recognition upon the later of when the software license is made available or the contractual term commences. Professional services are recognized as services are provided.
Net Debt Reconciliation
| June 30, |
| December 31, |
| 2025 |
| 2024 |
|
|
|
|
| (in millions) | ||
Dollar Term Loan | $ 1,814 |
| $ 1,823 |
Less: Cash, cash equivalents, and short-term investments | (1,299) |
| (1,232) |
Total net debt | $ 515 |
| $ 591 |
