First Quarter Fiscal Year 2022 Financial Results WATERLOO, ON, Nov. 4, 2021 /PRNewswire/ --
First Quarter Highlights
| Total Revenues (in millions) | | Annual Recurring Revenues (in millions) | | Cloud Revenues (in millions) |
| Reported | Constant Currency | | Reported | Constant Currency | | Reported | Constant Currency |
| $832.3 | $819.7 | | $691.8 | $681.6 | | $356.6 | $353.2 |
| +3.5% | +2.0% | | +3.2% | +1.7% | | +4.6% | +3.6% |
| Annual Recurring Revenues represent 83% of Total Revenues |
- Q1 results reflective of our cloud-first strategy and continued investments in talent, innovation, go-to-market and digital projects to drive organic growth
- Operating cash flows were $189.7 million and free cash flows were $163.0 million
- GAAP-based net income of $131.9 million, up 27.6% Y/Y, margin of 15.8%, up 290 basis points Y/Y
- Adjusted EBITDA of $323.4 million, margin of 38.9%
- GAAP-based diluted EPS of $0.48, up 26.3% Y/Y
- Non-GAAP diluted EPS of $0.83, down 6.7% Y/Y
Open Text Corporation (NASDAQ: OTEX), (TSX: OTEX), today announced its financial results for the first quarter ended September 30, 2021.
"Organic growth powered our record first quarter revenues as we continued delivering Information Management in the Cloud at scale," said Mark J. Barrenechea, OpenText CEO & CTO. "In Q1, we delivered $832.3 million in total revenues, up 3.5% year-over-year which was led by our Cloud revenues of $356.6 million, up 4.6% year-over-year. Annual Recurring Revenues (ARR) of $691.8 million increased 3.2% year-over-year and accounted for 83% of our total revenues."
"OpenText is leading our customers on their path to digitalization as they shift their work from productivity to creativity. Organizations across the globe trust the OpenText Cloud to deliver greater flexibility, agility and scale to meet the challenges of today's distributed work environment," said Mr. Barrenechea. "The OpenText Cloud uniquely positions us to win customers and take leadership in each of our markets as we empower businesses of all sizes to master modern work, power modern experiences, digitize supply chains, strengthen cyber resilience and build the API economy."
"Our Q1 results continue to demonstrate the strength of the OpenText business model, delivering strong operational performance, generating $323.4 million of adjusted EBITDA and $163.0 million in free cash flows," said Madhu Ranganathan, OpenText EVP, CFO. "With approximately $1.7 billion of cash as of September 30, 2021, and a net leverage ratio of 1.4x, our balance sheet and liquidity position remain strong. We are confident in our ability to further improve operations, supporting exceptional customer experiences and providing ample opportunity for OpenText to focus on our organic growth initiatives."