インフォマティカ、マイクロソフトとの連携を強化し、 信頼性の高いデータによるエンタープライズ向け生成AIの加速を実現
2025年11月25日
Salesforce傘下で、AIを活用したエンタープライズ向けクラウドデータ管理のリーダーであるインフォマティカは、マイクロソフトとの3つの戦略的イノベーションを発表しました。この発表は、マイクロソフトの年次カンファレンス「Microsoft Ignite 2025」にて行われ、インフォマティカの Intelligent Data Management Cloud（IDMC） プラットフォームと、マイクロソフトのエンタープライズ向けエージェント型 AI プラットフォームのMicrosoft Foundryを統合することが明らかになりました。
あらゆる業界の企業がエージェント型AIソリューションを導入する中、インフォマティカとマイクロソフトの連携により、お客さまはガバナンスの効いた高品質なデータで構築されたAIエージェントをシームレスに構築・実装できるようになります。これにより、信頼性とコンプライアンスを維持しつつ、大規模なAI導入を加速させることが可能になります。
インフォマティカの最高製品責任者（CPO）であるKrish Vitaldevaraは、次のように述べています。「マイクロソフトとの連携により、Microsoft Foundryの優れた機能とエンタープライズグレードのデータ管理を統合します。当社のCLAIRE AIエンジンとIDMCサービスをFoundryに統合することで、お客さまが確信を持って、コンプライアンスを遵守しながら、迅速にAIエージェントとアプリケーションを構築できるよう支援します。これは、エンタープライズにおけるAIの真の可能性を実現する上で、大きな飛躍となります」
Ignite 2025で発表された新イノベーション
Foundry Agent Service向けのインフォマティカ MCPサーバー
FoundryでAIエージェントを構築するお客さまは、業界標準のModel Context Protocol（MCP）を使用して、インフォマティカのIntelligent Data Management Cloudから信頼性の高いデータに直接接続できるようになりました。この統合により、エージェントはインフォマティカのCloud Data Governance and Catalog、Data Quality、Master Data Managementサービスを、安全かつほぼリアルタイムで利用できます。
Foundry向けに構築された新しい生成AIレシピ
インフォマティカはまた、Foundry向けの新たなエージェント設計図と、Foundry上でエンタープライズ対応アプリケーションおよびエージェントの開発を加速するために設計された、新たに構築済みの生成AIレシピのライブラリを発表しました。これには、Simple React AgentおよびFoundry搭載の多機能コール対応エージェント、ならびにローン処理、自動車保険請求処理など業界特化型のFoundryレシピが含まれ、いずれもFoundryとインフォマティカのデータ管理基盤を活用しています。これらのレシピは、お客さまがエンタープライズ向け生成AIソリューションの設定、構築、接続、管理、オーケストレーション、実装を加速することを支援します。
Foundryの統合によるCLAIRE AIエンジンの拡張
インフォマティカのインテリジェントなメタデータを基盤とするプラットフォームである「CLAIRE AIエンジン」は、Foundryを統合し、データ統合、品質管理、ガバナンス、マスターデータ管理（MDM）などのサービス全体で高度な推論を提供します。CLAIREは現在、米国および欧州のMicrosoft Azure地域でネイティブに利用可能となり、お客さまはコンプライアンス要件を満たしながら、データをより身近な場所で処理できるようになりました。
アナリティクス向け拡張相互運用性
インフォマティカは、Apache Icebergテーブル形式でバックアップされたMicrosoft OneLakeテーブルの読み取りおよび書き込みのサポートも発表しました。これにより、データ資産全体を統合、保護、アクセスすることが容易になります。インフォマティカのMicrosoft OneLakeおよびApache Icebergとの統合は、オープンなデータエコシステムとシームレスな相互運用性への取り組みを強化するものです。
すべてのイノベーションは、Microsoft Igniteのインフォマティカブース（#5520）および共同デジタルスポンサーシップページにてデモンストレーションをご覧いただけます。
DayforceのEnterprise Data Governance and Analytics担当バイスプレジデントであるAnupama Jha氏は次のように述べています。「インフォマティカとのパートナーシップにより、Dayforceはお客さまに関する統一された信頼性の高いビューを構築し、よりスマートでパーソナライズされたエクスペリエンスを提供する基盤を確立しています。当社は、データのサイロ化を解消し、新たなレベルの速度・精度・革新性を実現することに注力しています。インフォマティカのIntelligent Data Management CloudがMicrosoft Foundryと統合されたことで、AI機能をさらに強化することができ、確信と目的を持ち、コンプライアンスを遵守しながら、大規模にインテリジェントなエクスペリエンスを提供できます」
マイクロソフトのApps & Agents担当コーポレートバイスプレジデント（CVP）であるAmanda Silver氏は次のように述べています。「企業はMicrosoft Foundryを通じてエージェント型AIを急速に導入しています。正確かつ責任ある成果を提供するには、信頼性が高くガバナンスの効いたデータが不可欠です。インフォマティカが当社のプラットフォームと深く統合されることで、お客さまは本番環境でAIを活用するために必要なデータを活用できるようになります」
インフォマティカとマイクロソフトは、AIドリブンで信頼性の高いデータにより、あらゆる業界にわたる1,000社以上の共通のお客さまをサポートしています。詳細は、インフォマティカのウェブサイトをご覧ください。
インフォマティカについて
Salesforce傘下のインフォマティカは、AIを活用したエンタープライズ向けクラウドデータ管理のリーダーであり、データカタログ、データ統合、ガバナンス、品質・プライバシー管理、メタデータ管理、マスターデータ管理（MDM）機能を通じて、組織によるAI対応データの接続・管理・統合をサポートします。インフォマティカは、幅広いパートナーエコシステムの支援と統合を継続しながら、お客さまがデータとAIの価値を最大限に引き出せるよう支援します。
Salesforceについて
Salesforceは世界No.1のAI搭載顧客管理（CRM）システムで、AI、データ、そして信頼の力を通じて、企業が顧客とまったく新しい方法でつながることを可能にします。Salesforce（NYSE: CRM）の詳細は、www.salesforce.comをご覧ください。
インフォマティカに関する詳細は、インフォマティカ・ジャパン株式会社（代表：03-6403-7600）までお問い合わせいただくか、Webサイトhttp://www.informatica.com/ja/をご覧ください。
インフォマティカ公式ソーシャルメディア：X(旧Twitter), Facebook
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本リリースは米国インフォマティカ本社が2025年11月19日（現地時間）に発表したプレスリリースの抄訳です。
本プレスリリースに記載されている全ての情報は2025年11月25日時点のものに基づいており、インフォマティカは新しい情報や今後発生する出来事に基づいて本プレスリリースに記載した将来の見通しに関する記述を更新したり改訂したりする意図はなく、またその責任を有しません。さらに、説明されている製品または機能の開発、リリース、時期は、インフォマティカが独自に決定するもので、購入の判断基準にはなりません。また、将来、特定の製品や機能を提供することの表明や保証、約束をするものではありません。インフォマティカの登録商標の一覧は、 https://www.informatica.com/ja/trademarks.htmlを参照ください。
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 |
