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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________
FORM 10-Q
_____________________________
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
OR
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 001-40936
_____________________________
Informatica Inc.
_____________________________
(Exact name of registrant as specified in its charter)
Delaware61-1999534
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
2100 Seaport Boulevard
Redwood City, California
94063
(Address of Principal Executive Offices)(Zip Code)
(650) 385-5000
Registrant's telephone number, including area code
_____________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.01 par value per shareINFAThe New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.    Yes   x   No  o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x   No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filero
Non-accelerated fileroSmaller reporting companyo
Emerging growth companyo
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No x
The registrant had outstanding 258,888,613 shares of Class A common stock and 44,049,523 shares of Class B-1 common stock as of July 24, 2024.


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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q (this “Report” or “report”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”), which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements contained in this Report include, but are not limited to, statements about:
our ability to attract and retain customers;
the possible harm caused by adverse economic, industry and market conditions in the United States and globally, including due to inflationary pressures, volatility and uncertainty in the financial services industry, shifting foreign exchange rates, geopolitical disruptions, the effect of global health crises, and their impact on our business and operations;
the possible harm caused by a security breach or incident, significant disruption of service, or loss of, or unauthorized access to, users’ data;
our expectations and management of future growth;
the possible harm caused by customers terminating or failing to renew their subscription or maintenance contracts;
our future financial performance, including trends in revenue, costs of revenue, gross profit or gross margin, and operating expenses;
our ability to transition our customers to subscription- and cloud-based offerings;
the effect of legal and regulatory changes, including those related to data localization and transfer;
our ability to attract and retain key personnel and highly qualified personnel;
the impact of our restructurings and related charges on our business, results of operations and financial condition;
our ability to effectively train and incentivize our sales force;
our ability to respond to technological changes and evolving industry standards;
our ability to maintain, protect, and enhance our intellectual property;
our ability to successfully identify, acquire, and integrate companies and assets;
our ability to upsell and cross-sell within our existing customer base;
our ability to prevent serious errors or defects in our products and services;
the demand for our platform, cloud-based solutions or data management solutions in general;
our ability to compete successfully in competitive markets;
our ability to protect our brand;
our ability to successfully execute our go-to-market strategy;
our ability to manage our international operations;
our ability to build and maintain relationships with strategy partners;
our ability to achieve or maintain profitability;
our expectations regarding cost savings and expenses;
our ability to manage our outstanding indebtedness;
our ability to offer high-quality customer support;



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plans regarding our stock repurchase authorization;
the impact of interest rate or foreign currency exchange rates upon our financial performance, operations, and cash flows;
our expectations regarding new product launch dates;
the distribution of Class A common stock by certain of our stockholders; and
the increased requirements associated with being a public company, including reporting, governance and internal controls, and related expenses.
We caution you that the foregoing list may not contain all of the forward-looking statements made in this Report.
You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Report primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in the section titled “Risk Factors” and elsewhere in this Report. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Report. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.
The forward-looking statements made in this Report relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Report to reflect events or circumstances after the date of this Report or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.


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Part I - Financial Information
Item 1. Financial Statements
INFORMATICA INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except par value data)
(Unaudited)
June 30,December 31,
20242023
Assets
Current assets:
Cash and cash equivalents
$798,465 $732,443 
Short-term investments
330,072 259,828 
Accounts receivable, net of allowances of $4,787 and $4,414, respectively
318,739 500,068 
Contract assets, net
83,172 79,864 
Prepaid expenses and other current assets
252,689 180,383 
Total current assets
1,783,137 1,752,586 
Property and equipment, net
144,137 149,266 
Operating lease right-of-use-assets
51,351 57,799 
Goodwill
2,345,753 2,361,643 
Customer relationships intangible asset, net
609,927 669,781 
Other intangible assets, net
8,830 17,393 
Deferred tax assets
15,415 15,237 
Other assets
163,255 178,377 
Total assets
$5,121,805 $5,202,082 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$20,506 $18,050 
Accrued liabilities
43,863 61,194 
Accrued compensation and related expenses
94,317 167,427 
Current operating lease liabilities
14,834 16,411 
Current portion of long-term debt
18,750 18,750 
Income taxes payable
869 4,305 
Deferred revenue
685,734 767,244 
Total current liabilities
878,873 1,053,381 
Long-term operating lease liabilities
39,932 46,003 
Long-term deferred revenue
11,805 19,482 
Long-term debt, net
1,798,140 1,805,960 
Deferred tax liabilities
20,728 22,425 
Long-term income taxes payable
40,110 37,679 
Other liabilities
6,401 4,554 
Total liabilities
2,795,989 2,989,484 
Commitments and contingencies (Note 14)
Stockholders’ equity:
Class A common stock; $0.01 par value per share; 2,000,000 and 2,000,000 shares authorized as of June 30, 2024 and December 31, 2023, respectively; 258,810 and 250,874 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively
2,589 2,510 
Class B-1 common stock; $0.01 par value per share; 200,000 and 200,000 shares authorized as of June 30, 2024 and December 31, 2023, respectively; 44,050 and 44,050 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively
440 440 
Class B-2 common stock; $0.00001 par value per share; 200,000 and 200,000 shares authorized as of June 30, 2024 and December 31, 2023, respectively; 44,050 and 44,050 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively
  
Additional paid-in-capital
3,664,821 3,540,502 
Accumulated other comprehensive loss(47,700)(22,370)
Accumulated deficit
(1,294,334)(1,308,484)
Total stockholders’ equity
2,325,816 2,212,598 
Total liabilities and stockholders’ equity
$5,121,805 $5,202,082 
See accompanying notes to condensed consolidated financial statements
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INFORMATICA INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Revenues:
Subscriptions$264,306 $227,589 $516,283 $441,511 
Perpetual license 13 21 819 
Software revenue264,306 227,602 516,304 442,330 
Maintenance and professional services136,319 148,386 272,928 299,089 
Total revenues400,625 375,988 789,232 741,419 
Cost of revenues:
Subscriptions47,367 38,626 94,205 74,310 
Perpetual license 213 5 393 
Software costs47,367 38,839 94,210 74,703 
Maintenance and professional services34,501 43,864 68,379 87,023 
Amortization of acquired technology1,027 2,889 2,061 5,763 
Total cost of revenues82,895 85,592 164,650 167,489 
Gross profit317,730 290,396 624,582 573,930 
Operating expenses:
Research and development79,234 87,707 158,888 169,746 
Sales and marketing147,453 134,500 284,886 263,038 
General and administrative48,962 38,756 99,408 80,116 
Amortization of intangible assets31,718 34,348 63,457 68,639 
Restructuring899 471 5,254 27,724 
Total operating expenses308,266 295,782 611,893 609,263 
Income (loss) from operations9,464 (5,386)12,689 (35,333)
Interest income13,765 9,920 27,172 17,503 
Interest expense(38,333)(37,466)(77,430)(72,517)
Other income, net851 2,531 7,186 3,161 
Loss before income taxes(14,253)(30,401)(30,383)(87,186)
Income tax (benefit) expense(19,081)122,065 (44,545)181,634 
Net income (loss)$4,828 $(152,466)$14,162 $(268,820)
Net income (loss) per share attributable to Class A and Class B-1 common stockholders:
Basic$0.02 $(0.53)$0.05 $(0.94)
Diluted$0.02 $(0.53)$0.05 $(0.94)
Weighted-average shares used in computing net income (loss) per share:
Basic300,930 287,109 298,913 286,004 
Diluted314,934 287,109 313,716 286,004 
See accompanying notes to condensed consolidated financial statements.






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INFORMATICA INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Net income (loss)$4,828 $(152,466)$14,162 $(268,820)
Other comprehensive (loss) income, net of taxes:
Change in foreign currency translation adjustment, net of tax benefit (expense) of $32, $(139), $238, and $89
(5,352)3,502 (25,332)15,252 
Available-for-sale debt securities:
Change in unrealized (loss) gain, net of tax benefit (expense) of $6, $(9), $32 and $(33)
(16)27 (97)101 
Cash flow hedges:
Change in unrealized gain, net of tax expense of $44, $297, $132, and $605
132 908 401 1,849 
Less: reclassification adjustment for amounts included in net income (loss), net of tax (expense) benefit of $(24), $85, $(99), and $371
(73)259 (302)1,133 
Cash flow hedges, net change
59 1,167 99 2,982 
Total other comprehensive (loss) income, net of tax effect(5,309)4,696 (25,330)18,335 
Total comprehensive loss, net of tax effect
$(481)$(147,770)$(11,168)$(250,485)
See accompanying notes to condensed consolidated financial statements.
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INFORMATICA INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands)
(Unaudited)

Three Months Ended June 30, 2024
Class A Common StockClass B-1 Common StockClass B-2 Common StockAdditional
Paid-in
Capital
Accumulated
Other
Comprehensive
Loss
Accumulated
Deficit
Total
Stockholders' Equity
Shares
Amount
Shares
Amount
Shares
Amount
Balances, March 31, 2024255,502 $2,556 44,050 $440 44,050 $ $3,601,372 $(42,391)$(1,299,162)$2,262,815 
Stock-based compensation— — — — — — 65,470 — — 65,470 
Shares withheld related to net share settlement of equity awards(1,016)(10)— — — — (30,838)— — (30,848)
Issuance of shares under equity plans4,324 43 — — — — 28,817 — — 28,860 
Net income— — — — — — — — 4,828 4,828 
Other comprehensive loss— — — — — — — (5,309)— (5,309)
Balances, June 30, 2024258,810 $2,589 44,050 $440 44,050 $ $3,664,821 $(47,700)$(1,294,334)$2,325,816 

Three Months Ended June 30, 2023
Class A Common Stock
Class B-1 Common Stock
Class B-2 Common Stock
Additional
Paid-in
Capital
Accumulated
Other
Comprehensive
Loss
Accumulated
Deficit
Total
Stockholders’ Equity
Shares
Amount
Shares
Amount
Shares
Amount
Balances, March 31, 2023242,222 $2,423 44,050 $440 44,050 $ $3,352,312 $(34,032)$(1,299,555)$2,021,588 
Stock-based compensation— — — — — — 55,208 — — 55,208 
Shares withheld related to net share settlement of equity awards(739)(8)— — — — (11,092)— — (11,100)
Issuance of shares under equity plans2,465 25 — — — — 4,147 — — 4,172 
Net loss— — — — — — — — (152,466)(152,466)
Other comprehensive income— — — — — — — 4,696 — 4,696 
Balances, June 30, 2023243,948 $2,440 44,050 $440 44,050 $ $3,400,575 $(29,336)$(1,452,021)$1,922,098 




See accompanying notes to condensed consolidated financial statements.



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INFORMATICA INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands)
(Unaudited)

Six Months Ended June 30, 2024
Class A Common StockClass B-1 Common StockClass B-2 Common Stock
Additional
Paid-in
Capital
Accumulated
Other
Comprehensive
Loss
Accumulated
Deficit
Total
Stockholders' Equity
Shares
Amount
Shares
Amount
Shares
Amount
Balances, December 31, 2023250,874 $2,510 44,050 $440 44,050 $ $3,540,502 $(22,370)$(1,308,484)$2,212,598 
Stock-based compensation— — — — — — 129,571 — — 129,571 
Issuance of shares under employee stock purchase plan936 9 — — — — 13,788 — — 13,797 
Shares withheld related to net share settlement of equity awards(2,366)(24)— — — — (76,667)— — (76,691)
Issuance of shares under equity plans9,366 94 — — — — 57,627 — — 57,721 
Payments for dividends related to Class B-2 shares— — — — — — — — (12)(12)
Net income— — — — — — — — 14,162 14,162 
Other comprehensive loss— — — — — — — (25,330)— (25,330)
Balances, June 30, 2024258,810 $2,589 44,050 $440 44,050 $ $3,664,821 $(47,700)$(1,294,334)$2,325,816 

Six Months Ended June 30, 2023
Class A Common Stock
Class B-1 Common Stock
Class B-2 Common Stock
Additional
Paid-in
Capital
Accumulated
Other
Comprehensive Loss
Accumulated
Deficit
Total
Stockholders’ Equity
Shares
Amount
Shares
Amount
Shares
Amount
Balances, December 31, 2022239,749 $2,398 44,050 $440 44,050 $ $3,282,383 $(47,671)$(1,183,189)$2,054,361 
Stock-based compensation— — — — — — 105,550 — — 105,550 
Issuance of shares under employee stock purchase plan1,112 11 — — — — 16,120 — — 16,131 
Shares withheld related to net share settlement of equity awards(739)(8)— — — — (11,092)— — (11,100)
Issuance of shares under equity plans3,826 39 — — — — 7,614 — — 7,653 
Payments for dividends related to Class B-2 shares— — — — — — — — (12)(12)
Net loss— — — — — — — — (268,820)(268,820)
Other comprehensive income— — — — — — — 18,335 — 18,335 
Balances, June 30, 2023243,948 $2,440 44,050 $440 44,050 $ $3,400,575 $(29,336)$(1,452,021)$1,922,098 

See accompanying notes to condensed consolidated financial statements.


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INFORMATICA INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Six Months Ended June 30,
20242023
Operating activities:
Net income (loss)$14,162 $(268,820)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization6,066 8,471 
Non-cash operating lease costs7,335 9,024 
Stock-based compensation129,600 105,550 
Deferred income taxes(1,576)3,998 
Amortization of intangible assets and acquired technology65,518 74,402 
Amortization of debt issuance costs1,790 1,704 
Amortization of investment discount, net of premium(2,848)(1,751)
Debt refinancing costs1,366  
Changes in operating assets and liabilities:
Accounts receivable176,418 159,247 
Prepaid expenses and other assets8,197 27,081 
Accounts payable and accrued liabilities(92,022)(103,327)
Income taxes payable(74,812)128,750 
Deferred revenue(82,700)(37,742)
Net cash provided by operating activities156,494 106,587 
Investing activities:
Purchases of property and equipment(1,565)(3,115)
Purchases of investments(269,555)(147,925)
Maturities of investments202,032 151,700 
Sales of investments 23,798 
Other1,878  
Net cash (used in) provided by investing activities
(67,210)24,458 
Financing activities:
Payment of debt(11,347)(9,376)
Payment of debt refinancing costs(1,349) 
Proceeds from issuance of debt1,971  
Proceeds from issuance of common stock under employee stock purchase plan13,797 16,131 
Payments for dividends related to Class B-2 shares(12)(12)
Payments for taxes related to net share settlement of equity awards(76,691)(11,100)
Proceeds from issuance of shares under equity plans57,721 7,653 
Net cash (used in) provided by financing activities
(15,910)3,296 
Effect of foreign exchange rate changes on cash and cash equivalents(7,352)583 
Net increase in cash and cash equivalents66,022 134,924 
Cash and cash equivalents at beginning of period732,443 497,879 
Cash and cash equivalents at end of period$798,465 $632,803 
Supplemental disclosures:
Cash paid for interest
$75,704 $71,062 
Cash paid for income taxes, net of refunds
$31,843 $48,886 
Non-cash investing and financing activities:
Purchases of property and equipment recorded in accounts payable and accrued liabilities
$279 $780 
See accompanying notes to condensed consolidated financial statements.
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INFORMATICA INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1. Organization and Description of Business
Informatica Inc. (the “Company” or “Informatica”) delivers data management products powered by an artificial intelligence ("AI") platform that connects, manages, and unifies data across multi-vendor, multi-cloud, hybrid systems at enterprise scale. The platform enables the Company’s customers to accurately track and understand their data, allowing them to create 360-degree customer experiences, automate data operations across enterprise-wide business processes, and pursue holistic data-driven digital strategies by guiding workload migrations to the cloud. The Company’s platform includes a suite of interoperable data management products that leverage the shared services and metadata of the underlying platform, including products for Data Catalog, Data Integration & Engineering, API & Application Integration, Data Quality and Observability, Master Data Management, Customer and Business 360 Applications, Governance and Privacy, and Data Marketplace. The Company was incorporated as a Delaware corporation on June 4, 2021.
Note 2. Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation and Consolidation
The accompanying unaudited condensed consolidated financial statements include those of the Company and its subsidiaries, after elimination of all intercompany accounts and transactions. The Company has prepared the accompanying unaudited condensed consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”).
In management’s opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, which include recurring adjustments necessary for the fair statement of the Company’s financial position as of June 30, 2024 and the results of operations for the three and six months ended June 30, 2024. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period.
Segment Reporting
The Company manages, monitors and reports its operating results and financial position as a single operating segment. The Company’s chief operating decision-maker (“CODM”) is its Chief Executive Officer who makes operating decisions, assesses financial performance and allocates resources based on consolidated financial information. As such, the Company has determined that it operates in one reportable segment.
Use of Estimates
The Company’s unaudited condensed consolidated financial statements are prepared in accordance with GAAP, which require management to make certain estimates, judgments and assumptions in determination of performance obligations and standalone selling price used in revenue recognition, the realizability of deferred tax assets, uncertain tax positions and stock-based compensation. Management believes the estimates, judgments, and assumptions upon which it relies are reasonable based on information available at the time that these estimates, judgments, and assumptions are made. These estimates, judgments, and assumptions can affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements as well as the reported amounts of revenues and expenses during the periods presented. Any material differences between these estimates and actual results will impact the Company’s unaudited condensed consolidated financial statements. The Company assesses these estimates on a regular basis, however actual results could differ from estimates due to risks and uncertainties.
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INFORMATICA INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Summary of Significant Accounting Policies
The Company’s significant accounting policies are discussed in “Note 2. Basis of Presentation and Summary of Significant Accounting Policies” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on February 22, 2024. There have been no material changes to these policies during the three and six months ended June 30, 2024.
Recent Accounting Pronouncements Not Yet Adopted
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09.
Note 3. Cash, Cash Equivalents, and Investments
The following table summarizes the Company’s cash, cash equivalents and investments as of June 30, 2024 and December 31, 2023 (in thousands).
June 30,December 31,
20242023
Cash
$163,229 $185,498 
Cash equivalents:
Time deposits
129,975 72,302 
Money market funds
501,271 474,643 
Commercial paper
3,990  
Total cash equivalents
635,236 546,945 
Total cash and cash equivalents
$798,465 $732,443 
Short-term investments:
Time deposits
225,112 153,550 
Commercial paper66,427 73,767 
Corporate debt securities8,349 3,964 
U.S. government and agency securities30,184 28,547 
Total short-term investments
$330,072 $259,828 
Total cash, cash equivalents and investments
$1,128,537 $992,271 

See Note 5. Fair Value Measurements of the Notes to Condensed Consolidated Financial Statements of this Report for further information regarding the fair value of the Company’s financial instruments.

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INFORMATICA INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 4. Available-For-Sale Debt Securities
The following table summarizes the Company’s available-for-sale debt securities as of June 30, 2024 (in thousands).

June 30, 2024
Amortized CostUnrealized GainsUnrealized LossesFair Value
U.S. government securities$30,185 $2 $(3)$30,184 
Corporate debt securities
8,369  (20)8,349 
Commercial paper
70,456 2 (41)70,417 
Total
$109,010 $4 $(64)$108,950 

The following table summarizes the Company’s available-for-sale debt securities as of December 31, 2023 (in thousands).

December 31, 2023
Amortized CostUnrealized GainsUnrealized LossesFair Value
U.S. government securities$18,596 $5 $ $18,601 
U.S. government agency securities
9,949  (3)9,946 
Corporate debt securities
3,963 1  3,964 
Commercial paper
73,701 76 (10)73,767 
Total
$106,209 $82 $(13)$106,278 


There were no realized gains or losses related to available-for-sale debt securities for the three and six months ended June 30, 2024. As of June 30, 2024, the fair value of the Company’s available-for-sale debt securities with contractual maturity of one year or less from the condensed consolidated balance sheet date was $109.0 million.

As of June 30, 2024, the gross unrealized losses that have been in a continuous unrealized loss position for less than 12 months were less than $0.1 million, which were related to $91.9 million of available-for-sale debt securities. There were no gross unrealized losses that have been in a continuous unrealized loss position for more than 12 months.

The Company did not recognize any credit losses related to the Company’s debt securities during the three and six months ended June 30, 2024. Unrealized losses related to available-for-sale debt securities are due to interest rate fluctuations as opposed to credit quality. The Company does not intend to sell these investments. In addition, it is more likely than not that the Company will not be required to sell them before recovery of the amortized cost basis, which may be at maturity.
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INFORMATICA INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 5. Fair Value Measurements

The Company uses a three-level fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value based on whether the inputs to those valuation techniques are observable or unobservable. The three levels of fair value hierarchy are set forth below. The Company’s assessment of the hierarchy level of the assets or liabilities measured at fair value is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Level 1 Quoted prices in active markets for identical assets or liabilities.
Level 2 Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair values of the assets or liabilities. The Company does not have any assets or liabilities classified as Level 3.
Fair Value Measurement of Financial Assets and Liabilities on a Recurring Basis
The following table presents information about the Company’s financial assets and financial liabilities that are measured at fair value on a recurring basis as of June 30, 2024 and indicates the fair value hierarchy of the valuation (in thousands):
Total
Quoted Prices in
Active Markets
for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets:
Time deposits
$355,087 $355,087 $ $ 
Money market funds
501,271 501,271   
Commercial paper70,417  70,417  
Corporate debt securities8,349  8,349  
U.S. government securities
30,184  30,184  
Total cash equivalents and investments
965,308 856,358 108,950  
Foreign currency derivatives
493  493  
Total assets$965,801 $856,358 $109,443 $ 
Liabilities:
Foreign currency derivatives
$50 $ 50 $ 
Total liabilities$50 $ $50 $ 
There were no transfers between Level 1, Level 2 and Level 3 categories during the three and six months ended June 30, 2024.
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INFORMATICA INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

The following table presents information about the Company’s financial assets and financial liabilities that are measured at fair value on a recurring basis as of December 31, 2023 and indicates the fair value hierarchy of the valuation (in thousands):
Total
Quoted Prices in
Active Markets
for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets:
Time deposits
$225,852 $225,852 $ $ 
Money market funds
474,643 474,643   
Commercial paper73,767  73,767  
Corporate debt securities3,964  3,964  
U.S. government and U.S. government agency securities28,547  28,547  
Total cash equivalents and investments
806,773 700,495 106,278  
Foreign currency derivatives
486  486  
Total assets
$807,259 $700,495 $106,764 $ 
Liabilities:
 
 
 
Foreign currency derivatives
$44 $ $44 $ 
Total liabilities
$44 $ $44 $ 
Note 6. Goodwill and Intangible Assets

Goodwill
The following table presents the changes in the carrying amount of the goodwill for the six months ended June 30, 2024 (in thousands):
Amount
Ending balance as of December 31, 2023
$2,361,643 
Measurement period adjustment
234 
Foreign currency translation adjustment
(16,124)
Ending Balance as of June 30, 2024
$2,345,753 
Goodwill represents the excess of consideration paid over the estimated fair value of net tangible and identifiable intangible assets acquired in business combinations.
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INFORMATICA INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Intangible Assets
The carrying amounts of the intangible assets other than goodwill as of June 30, 2024 and December 31, 2023 are as follows (in thousands):
June 30, 2024December 31, 2023
Cost
Accumulated
Amortization
NetCost
Accumulated
Amortization
Net
Acquired developed and core technology
$880,684 $(873,146)$7,538 $880,758 $(871,085)$9,673 
Other intangible assets:
Customer relationships
2,156,400 (1,546,473)609,927 2,159,179 (1,489,398)669,781 
Trade names and trademark
81,605 (80,313)1,292 81,651 (73,931)7,720 
Total other intangible assets
2,238,005 (1,626,786)611,219 2,240,830 (1,563,329)677,501 
Total intangible assets, net
$3,118,689 $(2,499,932)$618,757 $3,121,588 $(2,434,414)$687,174 
The Company amortizes its intangible assets over their remaining estimated useful life using cash flow projections, revenue projections, or the straight-line method. Total amortization expense related to intangible assets was $32.7 million and $37.2 million for the three months ended June 30, 2024 and 2023, respectively. Total amortization expense related to intangible assets was $65.5 million and $74.4 million for the six months ended June 30, 2024 and 2023, respectively.
The allocation of the amortization of intangible assets for the periods indicated below is as follows (in thousands):

Three Months Ended June 30,Six months ended June 30,
2024202320242023
Cost of revenues$1,027 $2,889 $2,061 $5,763 
Operating expenses31,718 34,348 63,457 68,639 
Total amortization of intangible assets$32,745 $37,237 $65,518 $74,402 
Certain intangible assets are recorded in foreign currencies; and therefore, the gross carrying amount and accumulated amortization are subject to foreign currency translation adjustments.
As of June 30, 2024, the amortization expense related to identifiable intangible assets in future periods is expected to be as follows (in thousands):
Customer Relationships Intangible Asset
Other
Intangible
Assets
Total
Intangible
Assets
Remaining 2024
$56,990 $3,124 $60,114 
202599,522 2,127 101,649 
202686,531 1,427 87,958 
202775,089 686 75,775 
202865,242 530 65,772 
Thereafter
226,553 936 227,489 
Total expected amortization expense
$609,927 $8,830 $618,757 
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INFORMATICA INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 7. Borrowings
Long term debt consists of the following (in thousands):
June 30, 2024December 31, 2023
Dollar term loan
$1,832,812 $1,842,188 
Less: Discount on term loan
(5,868)(6,441)
Less: Debt issuance costs
(10,054)(11,037)
Total debt, net of discount and debt issuance costs
1,816,890 1,824,710 
Less: Current portion of long-term debt
(18,750)(18,750)
Long-term debt, net of current portion
$1,798,140 $1,805,960 

As of June 30, 2024, the Company had an outstanding dollar term loan for a carrying amount of $1,816.9 million and a fair value, based on Level 2 inputs related to fair market value, of $1,840.8 million. As of December 31, 2023, the Company had an outstanding dollar term loan for a carrying amount of $1,824.7 million and a fair value, based on Level 2 inputs related to fair market value, of $1,848.3 million.
Credit Facilities
The Company has a credit agreement with JPMorgan Chase Bank, N.A., as agent, for a syndicate of lenders (the “Credit Agreement”). Under the Credit Agreement, the Company borrowed $1.9 billion of dollar term loans (the “Term Facility”) and obtained $250.0 million of commitments under a revolving credit facility (the “Revolving Facility” and, together with the Term Facility, the “Credit Facilities”).
The Term Facility matures on October 29, 2028 and is repayable in quarterly installments of 0.25% of the initial principal amount thereof, with the remaining amount due at maturity. The Revolving Facility matures on October 29, 2026.
The Company may prepay all or part of the Credit Facilities at any time. Subject to certain exceptions and limitations, the Company is required to prepay the Term Facility with the net proceeds of certain occurrences, such as the incurrences of indebtedness not permitted to be incurred under the Credit Agreement, credit sale and leaseback transactions and asset sales. The agreement also requires mandatory prepayments of the Term Facility with excess cash flow as specified in the terms of the Credit Agreement.
On June 11, 2024, the Company refinanced the Credit Agreement with Amendment No. 2 (the “Amendment”), with JPMorgan Chase Bank, N.A., as agent, for a syndicate of lenders. The Amendment reduced the applicable margin from 2.75% to 2.25% and eliminated the previous credit spread adjustment effective June 11, 2024. The Amendment is predominantly accounted for as a modification. The loss on any extinguished debt within the syndicate was immaterial. The Company incurred transaction fees of approximately $1.4 million, which were recorded as a component of Other income, net on the Condensed Consolidated Statements of Operations. Other than the foregoing, the material terms of the Credit Agreement remain unchanged.
Effective June 11, 2024, the borrowings under the Term Facility bear interest, at the Company’s option, either at (i) Term SOFR1 plus the applicable margin of 2.25% or (ii) the base rate plus 1.25%. The base rate is defined as the highest of (a) the Federal Funds Rate plus one half of 1%, (b) the rate of interest in effect for such day as published by the Wall Street Journal as the “prime rate,” and (c) Term SOFR Rate for a one-month interest period plus 1.00%; provided that the base rate shall not be less than 1.00% per annum. Term SOFR is subject to a “floor” of 0% per annum. The Term Facility was issued with 0.125% of original issue discount.
1 Term SOFR is SOFR based on the interest period selected
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INFORMATICA INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Effective June 11, 2024, the Revolving Facility accrues interest at a per annum rate based on either, at the Company’s election, (i) Term SOFR plus the applicable margin for Term SOFR loans ranging between 2.00% and 2.50% based on the Company’s total net first lien leverage ratio or (ii) the base rate plus an applicable margin ranging between 1.00% and 1.50% based on the Company’s total net first lien leverage ratio.
No amounts were outstanding under the Revolving Facility as of June 30, 2024 and December 31, 2023. There were $1.4 million and $1.6 million of utilized letters of credit under the Revolving Facility at June 30, 2024 and December 31, 2023, respectively.
The Company guarantees the obligations under the Credit Agreement. All obligations under the Credit Agreement are secured by a perfected lien or security interest in substantially all of the Company’s and the guarantors’ tangible and intangible assets. The Credit Agreement also provides for a borrowing facility of $15.0 million, which is available on a same day basis and a letter of credit facility of $30.0 million. The Credit Agreement also includes an uncommitted incremental facility subject to compliance with certain leverage tests and borrowing limits.
Accrued interest is payable (i) quarterly in arrears with respect to base rate loans, (ii) at the end of each interest rate period (or at each three- month interval in the case of loans with interest periods greater than 3 months) with respect to Term SOFR loans, (iii) the date of any repayment or prepayment, and (iv) at maturity (whether by acceleration or otherwise). The Company is also obligated to pay other customary closing fees, arrangement fees, administrative fees, commitment fees, and letter of credit fees. Under the Credit Agreement, a commitment fee is payable on the daily unutilized amount under the Revolving Facility at a per annum rate ranging from 0.25% to 0.35% depending on the Company’s total net first lien leverage ratio.
The Credit Agreement requires that, as of the last day of any fiscal quarter if on such date the aggregate principal amount of all (a) revolving loans, (b) swingline loans, and (c) letter of credit obligations (in excess of $15 million) exceed 35% of the revolving loan commitments, the total net first lien leverage ratio cannot exceed 6.25 to 1.00. The occurrence of an event of default could result in the acceleration of the obligations under the Credit Agreement. Under certain circumstances, a default interest rate equal to 2.00% above the then-applicable interest rate will apply during the existence of an event of default under the Credit Agreement. The Company was in compliance with all covenants under the Credit Agreement as of June 30, 2024.
The Credit Agreement, among other things, limits the ability of the Company and its restricted subsidiaries to incur or guarantee additional indebtedness; pay dividends or make distributions or redeem or repurchase capital stock; prepay, redeem or repurchase certain subordinated debt; make certain loans or investments; create liens; merge or consolidate with another company or transfer or sell assets; enter into restrictions affecting the ability of certain restricted subsidiaries to make distributions, loans or advances to the Company or its restricted subsidiaries; and engage in transactions with affiliates. These covenants are subject to a number of important limitations and exceptions, which are described in the Credit Agreement.
Future minimum principal payments
Future minimum principal payments on the Term Facility as of June 30, 2024 are as follows (in thousands):

Remaining 2024
$9,375 
202518,750 
202618,750 
202718,750 
20281,767,187 
Total
$1,832,812 
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INFORMATICA INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 8. Disaggregation of Revenue, Deferred Revenue, Remaining Performance Obligations, Credit Risk and Capitalized Costs to Obtain a Contract
The following table presents the disaggregation of revenue by revenue type, consistent with how the Company evaluates its financial performance, for the three and six months ended June 30, 2024 and 2023 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Revenues:
Cloud subscription
$161,422 $119,244 $312,860 $231,022 
Self-managed subscription license
53,976 56,878 105,924 107,427 
Self-managed subscription support and other
48,908 51,467 97,499 103,062 
Subscription revenues
264,306 227,589 516,283 441,511 
Perpetual license
 13 21 819 
Software revenue
264,306 227,602 516,304 442,330 
Maintenance
116,482 124,851 234,161 250,226 
Professional services
19,837 23,535 38,767 48,863 
Maintenance and professional services revenue
136,319 148,386 272,928 299,089 
Total revenues
$400,625 $375,988 $789,232 $741,419 
Revenue by geographic location for the three and six months ended June 30, 2024 and 2023 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
North America
$272,065 $256,589 $530,120 $507,626 
EMEA
88,655 80,992 175,365 157,994 
Asia Pacific
30,983 29,825 63,962 59,421 
Latin America
8,922 8,582 19,785 16,378 
Total revenues
$400,625 $375,988 $789,232 $741,419 
In the three months ended June 30, 2024 and 2023, the Company’s revenue from customers in the United States was $256.3 million and $239.0 million, respectively. In the six months ended June 30, 2024 and 2023, the Company’s revenue from customers in the United States was $498.3 million and $472.4 million, respectively. No foreign country represented 10% or more of the Company’s total revenue during the three and six months ended June 30, 2024 and 2023, respectively.
Deferred Revenue
As of June 30, 2024 and December 31, 2023, deferred revenue was $697.5 million and $786.7 million, respectively.
The amount of revenues recognized during the three and six months ended June 30, 2024 that were included in the opening deferred revenue balance as of January 1, 2024 was approximately $225.2 million and $520.5 million, respectively. The amount of revenues recognized during the three and six months ended June 30, 2023 that were included in the opening deferred revenue balance as of January 1, 2023 were approximately $198.0 million and $459.7 million, respectively.
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INFORMATICA INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Remaining Performance Obligations from Customer Contracts
As of June 30, 2024, the Company’s remaining performance obligations were $1.56 billion. The Company expects to recognize approximately 65% of its remaining performance obligations at June 30, 2024 as revenues over the next twelve months and the remainder over the next two to three years.
Concentrations of Credit Risk and Credit Evaluations
No customer accounted for more than 10% of revenue during the three and six months ended June 30, 2024 and 2023. At June 30, 2024 and December 31, 2023, no customer accounted for more than 10% of the accounts receivable balance.
Capitalized Costs to Obtain a Contract
Capitalized costs to obtain contracts consist of sales commissions and related payroll taxes (together “deferred commissions”). The changes in the capitalized costs to obtain a contract for the six months ended June 30, 2024 were as follows (in thousands):
Amount
Ending balance as of December 31, 2023
$237,991 
Additions, net29,553 
Commissions amortized (41,066)
Revaluation (2,183)
Ending balance as of June 30, 2024
$224,295 
As of June 30, 2024, $77.4 million of deferred commissions balance was included in prepaid expenses and other current assets and $146.9 million of deferred commissions balance was included in other assets in the condensed consolidated balance sheet.
Note 9. Restructuring
On January 10, 2023, the Company announced a plan to reduce its workforce by approximately 450 employees, representing approximately 7% of the Company’s then-current global workforce, and a closure of an office in Israel (the “January Plan”). The January Plan was intended to better align the Company’s global workforce and cost base with its cloud-only, consumption-driven (“CoCd”) strategy and related business needs. As of December 31, 2023, the Company recorded $28.2 million of restructuring expenses in relation to the January Plan, including $1.1 million related to the right-of-use assets impairment charge for the office closure. These costs were paid as of December 31, 2023.

On November 1, 2023, the Company announced a plan to reduce its workforce by approximately 500 employees, representing approximately 10% of the Company’s then-current global workforce, and reduce its global real estate footprint (the “November Plan”). The November Plan was intended to further streamline the Company’s cost structure as a direct result of the CoCd strategy announced in January 2023. For the year-ended December 31, 2023, the Company recorded $31.6 million of restructuring expenses in relation to the November Plan, including $0.4 million related to the right-of-use assets impairment charge for the reduction in office space. For the six months ended June 30, 2024, the Company recorded $5.2 million of restructuring expenses in relation to the November Plan, including $0.5 million related to the right-of-use assets impairment charge for the reduction in office space. Of the total charges incurred under the November Plan, $32.4 million was paid as of June 30, 2024 and the Company expects to substantially pay the remaining amount in 2024.
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INFORMATICA INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 10. Derivative Financial Instruments
The Company’s earnings and cash flows are subject to market risks as a result of foreign currency exchange rate and interest rate fluctuations. The Company uses derivative financial instruments to manage its exposure to foreign currency exchange rate which is inherent to its ongoing business operations. The Company and its subsidiaries do not enter into derivative contracts for speculative purposes.
Foreign Exchange Forward Contracts
The Company enters into foreign exchange forward contracts in an attempt to reduce the impact of foreign currency exchange rate fluctuations and designates these contracts as cash flow hedges at inception. The objective is to reduce the volatility of forecasted cash flows and expenses caused by movements in foreign currency exchange rates, in particular the Indian rupee. The Company is currently using foreign exchange forward contracts to hedge the anticipated foreign currency expenses of its subsidiary in India.
The Company recognizes in earnings amounts related to its designated cash flow hedges accumulated in other comprehensive income during the same period in which the corresponding underlying hedged transaction affects earnings. As of June 30, 2024, a net unrealized gain of $0.3 million accumulated in other comprehensive loss is expected to be reclassified into earnings within approximately the next twelve months.
The Company has forecasted the amount of its anticipated foreign currency expenses based on its historical performance and projected financial plan. As of June 30, 2024, the remaining open foreign exchange contracts, carried at fair value, are hedging Indian rupee expenses and have a maturity of approximately twelve months or less. These foreign exchange contracts mature monthly as the foreign currency denominated expenses are paid and any gain or loss is offset against operating expense. Once the hedged item is recognized, the cash flow hedge is de-designated and subsequent changes in value are recognized in other income, net, to offset changes in the value of the resulting non-functional currency monetary assets or liabilities.
The notional amounts of these foreign exchange forward contracts in U.S. dollar equivalents were to buy $108.4 million and $109.6 million of Indian rupees as of June 30, 2024 and December 31, 2023, respectively.
Balance Sheet Hedges
Balance Sheet hedges consist of cash flow hedge contracts that have been de-designated and non-designated balance sheet hedges. These foreign exchange contracts are carried at fair value and either did not or no longer qualify for hedge accounting treatment and are not designated as hedging instruments. Changes in the value of the foreign exchange contracts are recognized in other income, net and offset the foreign currency gain or loss on the underlying net monetary assets or liabilities. The notional amounts of foreign currency purchase contracts open in U.S. dollar equivalents were to buy $12.7 million and $12.2 million of Indian rupees at June 30, 2024 and December 31, 2023, respectively. There were no open foreign currency contracts to sell at June 30, 2024 and December 31, 2023, respectively.
The following table reflects the fair value amounts for designated and non-designated hedging instruments at June 30, 2024 and December 31, 2023 (in thousands):
June 30, 2024December 31, 2023
Fair Value
Derivative
Assets(i)
Fair Value
Derivative
Liabilities(ii)
Fair Value
Derivative
Assets(i)
Fair Value
Derivative
Liabilities(ii)
Designated hedging instruments
Foreign currency forward contracts
$478 $50 $340 $44 
Non-designated hedging instruments
Foreign currency forward contracts
15  146  
Total fair value of hedging instruments
$493 $50 $486 $44 
_____________
(i)Included in prepaid expenses and other current assets on the condensed consolidated balance sheets.
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INFORMATICA INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(ii)Included in accrued liabilities and other liabilities on the condensed consolidated balance sheets.
The Company presents its derivative assets and derivative liabilities at gross fair values in the condensed consolidated balance sheets. However, under the master netting agreements with the respective counterparties of the foreign exchange contracts, subject to applicable requirements, the Company is allowed to net settle transactions of the same currency with a single net amount payable by one party to the other. The derivatives held by the Company are not subject to any credit contingent features negotiated with its counterparties. The Company is not required to pledge nor is entitled to receive cash collateral related to the above contracts. As of June 30, 2024 and December 31, 2023, there were no derivative assets or liabilities that were net settled under the master netting agreements.
The Company evaluates prospectively as well as retrospectively the effectiveness of its hedge programs using statistical analysis.
The before-tax effects of derivative instruments designated as cash flow hedges on the accumulated other comprehensive loss and condensed consolidated statements of operations for the periods indicated below are as follows (in thousands):
Three Months Ended June 30,Six months ended June 30,
2024202320242023
Amount of gain recognized in other comprehensive loss(i)
$