OpenText Reports Fourth Quarter and Fiscal Year 2019 Financial Results

WATERLOO, Ontario, Aug. 1, 2019 — (PRNewswire) —

Highlights

Fiscal Year 2019

  • Total Revenues of $2.87 billion, up 1.9%, and $2.92 billion in constant currency, up 3.8%
  • Annual Recurring Revenues (ARR) of $2.16 billion, up 4.6%, and $2.19 billion in constant currency, up 6.2%
  • Cloud Services and Subscriptions Revenues of $907.8 million, up 9.5%, and $918.6 million in constant currency, up 10.8%
  • GAAP net income attributable to OpenText of $285.5 million, up 17.9%
  • Adjusted EBITDA of $1.10 billion, up 7.8%, Margin of 38.4%, up 210 basis points
  • GAAP EPS, diluted of $1.06, up 16.5%
  • Non-GAAP EPS, diluted of $2.76, up 7.8%, and $2.79 in constant currency, up 9.0%
  • Record annual Operating Cash Flows of $876.3 million, up 23.8%.

Fourth Quarter

  • Total Revenues of $747.2 million, down 0.9%, and $769.3 million in constant currency, up 2.0%
  • Annual Recurring Revenues of $557.1 million, up 4.2%, and $572.0 million in constant currency, up 7.0%
  • Cloud Services and Subscriptions Revenues of $241.9 million, up 11.0%, and $246.5 million in constant currency, up 13.1%
  • GAAP net income attributable to OpenText of $72.0 million, up 16.6%
  • Adjusted EBITDA of $283.9 million, up 0.8%, Margin of 38.0%, up 60 basis points
  • GAAP EPS, diluted of $0.27, up 17.4%
  • Non-GAAP EPS, diluted of $0.72, no change, and $0.74 in constant currency, up 2.8%
  • Operating Cash Flows of $229.8 million, up 12.6%

Open Text Corporation (NASDAQ: OTEX), (TSX: OTEX), "The Information Company," today announced its financial results for the fourth quarter and year ended June 30, 2019. 

"Fiscal 2019 was a momentous year for OpenText as we delivered in constant currency $2.92 billion in total revenues, a record $918.6 million in cloud revenues, up 10.8% year-over-year growth and $2.19 billion in Annual Recurring Revenues, up 6.2% year-over-year growth, representing 75% of total revenues," said Mark J. Barrenechea, OpenText CEO & CTO. "We enter Fiscal 2020 with the strongest EIM offering in the industry, empowering customers to unlock their information advantage and win in Industry 4.0.  Our expanded partnerships with Google and SAP and recently announced next generation product line, OpenText Cloud Edition, will help revolutionize the way businesses capture, govern, exchange and use information in the cloud."

Barrenechea further added, "We delivered a solid fourth quarter with total revenues of $769.3 million, up 2.0% year-over-year, and cloud revenues of $246.5 million, up 13.1% year-over-year, each in constant currency.  Operating Cash Flows were $229.8 million, up 12.6% year-over-year. These solid results were delivered against the back drop of a $22 million foreign currency headwind to revenue during the quarter."

"During Fiscal 2019, we had record Adjusted EBITDA margin of 38.4%, delivered Operating Cash Flows of $876.3 million and deployed $381.4 million of capital to acquire Liaison Technologies & Catalyst Repository Systems," said Madhu Ranganathan, OpenText EVP and CFO.  "We ended the year with $941 million of Cash & Cash Equivalents and 1.5x Consolidated Net Leverage ratio, compared to 1.9x a year ago. As we look into Fiscal 2020 and beyond, we have never been stronger in our operating framework and balance sheet flexibility to continue our investments in product innovation, go-to-market and strategic acquisitions."

Financial Highlights for Fiscal 2019 with Year Over Year Comparisons

Summary of Annual Results

             

(in millions except per share data)

FY19

FY18

$ Change

% Change
(Y/Y)

 

FY19 in
CC*

% Change
in CC*

Revenues:

             

Cloud services and subscriptions

$907.8

 

$829.0

 

$78.8

 

9.5

%

 

$918.6

 

10.8

%

Customer support

1,247.9

 

1,232.5

 

15.4

 

1.3

%

 

1,271.1

 

3.1

%

Total annual recurring revenues**

$2,155.7

 

$2,061.5

 

$94.3

 

4.6

%

 

$2,189.7

 

6.2

%

License

428.1

 

437.5

 

(9.4)

 

(2.2)

%

 

439.3

 

0.4

%

Professional service and other

284.9

 

316.3

 

(31.3)

 

(9.9)

%

 

293.0

 

(7.4)

%

Total revenues

$2,868.8

 

$2,815.2

 

$53.5

 

1.9

%

 

$2,922.0

 

3.8

%

GAAP-based operating income

$567.0

 

$506.7

 

$60.3

 

11.9

%

 

N/A

N/A

Non-GAAP-based operating income (1)

$1,002.7

 

$933.5

 

$69.2

 

7.4

%

 

$1,013.4

 

8.6

%

GAAP-based EPS, diluted

$1.06

 

$0.91

 

$0.15

 

16.5

%

 

N/A

N/A

Non-GAAP-based EPS, diluted (1)(2)

$2.76

 

$2.56

 

$0.20

 

7.8

%

 

$2.79

 

9.0

%

GAAP-based net income attributable to OpenText

$285.5

 

$242.2

 

$43.3

 

17.9

%

 

N/A

N/A

Adjusted EBITDA (1)

$1,100.3

 

$1,020.4

 

$79.9

 

7.8

%

 

$1,111.8

 

9.0

%

Operating cash flows

$876.3

 

$708.1

 

$168.2

 

23.8

%

 

N/A

N/A


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