OpenText Reports Third Quarter Fiscal Year 2018 Financial Results

 

Summary of YTD Results









(in millions except per share data)

FY18 YTD

FY17 YTD

$ Change

% Change

(Y/Y)


FY18 YTD
in CC*

% Change
in CC*


Revenues:









Cloud services and subscriptions

$611.1


$521.9


$89.2


17.1

%


$606.1


16.1

%


Customer support

915.8


693.3


222.5


32.1

%


891.3


28.6

%


Total annual recurring revenues**

$1,526.8


$1,215.2


$311.7


25.6

%


$1,497.4


23.2

%


License

297.6


245.6


51.9


21.1

%


287.8


17.1

%


Professional service and other

236.6


166.7


69.9


41.9

%


227.7


36.6

%


Total revenues

$2,061.0


$1,627.5


$433.5


26.6

%


$2,012.9


23.7

%


GAAP-based operating income

$356.1


$246.5


$109.6


44.5

%





Non-GAAP-based operating income (1)

$673.1


$508.5


$164.6


32.4

%


$654.3


28.7

%


GAAP-based operating margin

17.3

%

15.1

%

n/a


220


bps




Non-GAAP-based operating margin (1)

32.7

%

31.2

%

n/a


150


bps

32.5

%

130


bps

GAAP-based EPS, diluted (2)

$0.68


$3.88


($3.20)


(82.5)

%





Non-GAAP-based EPS, diluted (1)(3)

$1.84


$1.42


$0.42


29.6

%


$1.78


25.4

%


GAAP-based net income attributable to OpenText (2)

$180.5


$979.5


($799.0)


(81.6)

%





Adjusted EBITDA (1)

$737.3


$555.5


$181.7


32.7

%





Operating cash flows

$504.4


$336.8


$167.7


49.8

%






(1) Please see note 2 "Use of Non-GAAP Financial Measures" below

(2) Recorded a significant tax benefit in Q1 FY17 of $876.1 million. This significant tax benefit is specifically tied to the Company's internal reorganization and applied to Q1 FY17 only and as a result does not continue in future periods.

(3) Please also see note 14 to the Company's Condensed Consolidated Financial Statements on Form 10-Q. Reflective of the amount of net tax benefit arising from the internal reorganization assumed to be allocable to the current period based on the forecasted utilization period.

Note: Individual line items in tables may be adjusted by non-material amounts to enable totals to align to published financial statements.

*CC: Constant currency for this purpose is defined as the current period reported revenues/expenses/earnings represented at the prior comparative period's foreign exchange rate.

**Annual recurring revenue is defined as the sum of Cloud services and subscriptions revenue and Customer support revenue.


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