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Open Text Corp (OTEX) SEC Filing 10-K Annual Report for the fiscal year ending Thursday, June 30, 2022

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Open Text Corp

CIK: 1002638 Ticker: OTEX

Exhibit 99.1
OpenText Reports Third Quarter Fiscal Year 2022 Financial Results
Strong Results Include Record Cloud and Annual Recurring Revenues
Third Quarter Highlights
Total Revenues
(in millions)
Annual Recurring Revenues
(in millions)
Cloud Revenues
(in millions)
ReportedConstant CurrencyReportedConstant CurrencyReportedConstant Currency
$882.3$899.4$734.5$747.7$401.9$406.6
+5.9%+8.0%+6.2%+8.1%+13.0%+14.3%
Annual Recurring Revenues represent 83% of Total Revenues

Record Q3 revenues reflect strengthening market share and cloud driven organic growth(1)
Total revenues up 5.9% Y/Y or up 8.0% in constant currency
Cloud revenues up 13.0% Y/Y or up 14.3% in constant currency
Continued investments in talent, innovation, digital marketing and global sales coverage
Operating cash flows were $323.6 million and free cash flows(2) were $306.0 million
GAAP-based net income of $74.7 million, down 18.4% Y/Y, margin of 8.5%, down 250 basis points Y/Y
Adjusted EBITDA(2) of $284.5 million, margin of 32.2%
GAAP-based diluted earnings per share (EPS) of $0.28, down 15.2% Y/Y
Non-GAAP diluted EPS(2) of $0.70, down 6.7% Y/Y
During the quarter, the Company repurchased and cancelled 1.0 million shares for $45.1 million under our share repurchase plans
Waterloo, ON, May 4, 2022
- Open Text Corporation (NASDAQ: OTEX), (TSX: OTEX), today announced its financial results for the third quarter ended March 31, 2022.

“OpenText delivered record Q3 revenues amidst the ever-changing dynamics of the global macro environment,” said Mark J. Barrenechea, OpenText CEO & CTO. “In Q3, total revenues grew 5.9% year-over-year to $882.3 million, supported by record Cloud revenues of $401.9 million, up 13.0% year-over-year. Annual Recurring Revenues, which represent 83% of total revenues, grew 6.2% year-over-year to a record $734.5 million. We have a unique opportunity to increase our investments and accelerate our cloud business, and we are planning on doing so.”

“Customers are seeking information-led transformations and this is reflective in the strength of our cloud bookings. We are seeing the results of our efforts as we help our customers to digitize, transform and grow. OpenText brings a complete and integrated suite of Information Management solutions to customers of all sizes, while providing the layers of defense needed to help organizations secure their users, end points, and networks in the face of ever-increasing cyber threats and ransomware. As we approach the end of the fiscal year, we remain on track to meet our targets and aspirations,” said Mr. Barrenechea.

“OpenText delivered a solid Q3 with adjusted EBITDA of $284.5 million and strong free cash flows of $306.0 million,” said OpenText EVP, CFO, Madhu Ranganathan. “Integration of the Zix acquisition is on track and our balance sheet remains strong. We continue to invest in talent, innovation, and technology to drive our growth strategy and are making demonstrable progress towards our long-term aspirational goals. With approximately $1.6 billion in cash as of March 31, 2022 and a net leverage ratio of 1.9x, we have the financial flexibility to continue to drive growth through product innovation, talent, go-to-market, and strategic acquisitions.”


(1) Organic revenue growth is calculated by removing the revenue contribution from newly acquired companies for the first year post acquisition.
(2) Please see note 2 “Use of Non-GAAP Financial Measures” to the condensed consolidated financial statements below.
1

The following information was filed by Open Text Corp (OTEX) on Wednesday, May 4, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Open Text Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Condensed Consolidated Statements Of Shareholders' Equity (Parenthetical)
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Income
Consolidated Statements Of Shareholders' Equity
Accounting Policies And Recent Accounting Pronouncements
Accounting Policies And Recent Accounting Pronouncements (Policies)
Accounting Policies And Recent Accounting Pronouncements (Tables)
Accounting Policies And Recent Accounting Pronouncements - Advertising Expenses (Details)
Accounting Policies And Recent Accounting Pronouncements - Capitalized Software (Details)
Accounting Policies And Recent Accounting Pronouncements - Equity Investments (Details)
Accounting Policies And Recent Accounting Pronouncements - Foreign Currency (Details)
Accounting Policies And Recent Accounting Pronouncements - Goodwill (Details)
Accounting Policies And Recent Accounting Pronouncements - Impairment Of Long-Lived Assets (Details)
Accounting Policies And Recent Accounting Pronouncements - Property And Equipment (Details)
Accounting Policies And Recent Accounting Pronouncements - Revenue Recognition (Details)
Accounts Payable And Accrued Liabilities
Accounts Payable And Accrued Liabilities (Tables)
Accounts Payable And Accrued Liabilities - Additional Information (Details)
Accounts Payable And Accrued Liabilities - Schedule Of Current Liabilities (Details)
Accounts Payable And Accrued Liabilities - Schedule Of Long-Term Accrued Liabilities (Details)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Acquired Intangible Assets
Acquired Intangible Assets (Tables)
Acquired Intangible Assets - Calculation Of Acquired Intangibles By Asset Class (Details)
Acquired Intangible Assets - Calculation Of Estimated Future Amortization Expense (Details)
Acquisitions
Acquisitions (Tables)
Acquisitions - Acquisition Preliminary Purchase Price Allocation (Details)
Acquisitions - Narrative (Details)
Allowance For Credit Losses
Allowance For Credit Losses (Details)
Allowance For Credit Losses (Tables)
Basis Of Presentation
Basis Of Presentation (Details)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (Tables)
Derivative Instruments And Hedging Activities - Effects On Income And Other Comprehensive Income (Oci) (Details)
Derivative Instruments And Hedging Activities - Fair Value In The Condensed Consolidated Balance Sheets (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Measurement
Fair Value Measurement (Details)
Fair Value Measurement (Tables)
Goodwill
Goodwill (Details)
Goodwill (Tables)
Guarantees And Contingencies
Guarantees And Contingencies (Tables)
Guarantees And Contingencies - Additional Information (Details)
Guarantees And Contingencies - Schedule Of Contractual Obligations With Minimum Payments (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Changes In The Balance Of Gross Unrecognized Tax Benefits (Details)
Income Taxes - Components Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Components Of Income Tax (Details)
Income Taxes - Income Before Provision For Income Tax (Details)
Income Taxes - Income Tax Reconciliation (Details)
Income Taxes - Interest Accrued And Penalties Accrued Related To Income Tax Expense (Details)
Income Taxes - Interest And Penalties Related To Liabilities For Income Tax Expense (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Lease Costs And Other Information (Details)
Leases - Maturity Of Lease Liabilities (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Additional Information (Details)
Long-Term Debt - Schedule Of Long-Term Debt (Details)
Long-Term Debt - Senior Unsecured Fixed Rate Notes (Details)
Other Income (Expense), Net
Other Income (Expense), Net (Tables)
Other Income (Expense), Net - Additional Information (Details)
Other Income (Expense), Net - Schedule Of Other Income (Expense) (Details)
Pension Plans And Other Post Retirement Benefits
Pension Plans And Other Post Retirement Benefits (Tables)
Pension Plans And Other Post Retirement Benefits - Additional Information (Details)
Pension Plans And Other Post Retirement Benefits - Anticipated Pension Payments Under Pension Plans (Details)
Pension Plans And Other Post Retirement Benefits - Components Of Net Pension Expense (Details)
Pension Plans And Other Post Retirement Benefits - Schedule Of Defined Benefit Plans And Long-Term Employee Benefit Obligations (Details)
Pension Plans And Other Post Retirement Benefits - Schedule Of The Change In Benefit Obligation (Details)
Pension Plans And Other Post Retirement Benefits - Schedule Of Weighted-Average Key Assumptions Used For Pension Plans (Details)
Prepaid Expenses And Other Assets
Prepaid Expenses And Other Assets (Tables)
Prepaid Expenses And Other Assets - Additional Information (Details)
Prepaid Expenses And Other Assets - Schedule (Details)
Property And Equipment
Property And Equipment (Details)
Property And Equipment (Tables)
Related Party Transactions
Related Party Transactions (Details)
Revenues
Revenues (Tables)
Revenues - Contract Balances (Details)
Revenues - Disaggregation Of Revenue (Details)
Revenues - Incremental Costs Of Obtaining A Contract With A Customer (Details)
Revenues - Transaction Price Allocated To The Remaining Performance Obligations (Details)
Segment Information
Segment Information (Tables)
Segment Information - Entity-Wide Disclosure On Geographic Areas, Long-Lived Assets In Individual Foreign Countries By Country (Details)
Segment Information - Revenue From External Customers Attributed To Foreign Countries By Geographic Area (Details)
Share Capital, Option Plans And Share-Based Payments
Share Capital, Option Plans And Share-Based Payments (Tables)
Share Capital, Option Plans And Share-Based Payments - Additional Information (Details)
Share Capital, Option Plans And Share-Based Payments - Long-Term Incentive Plans (Details)
Share Capital, Option Plans And Share-Based Payments - Narrative (Details)
Share Capital, Option Plans And Share-Based Payments - Non Option Unit Activity (Details)
Share Capital, Option Plans And Share-Based Payments - Rsus, Dsus And Espp (Details)
Share Capital, Option Plans And Share-Based Payments - Schedule Of Outstanding Stock Options Activity (Details)
Share Capital, Option Plans And Share-Based Payments - Schedule Of Share-Based Payments (Details)
Share Capital, Option Plans And Share-Based Payments - Schedule Of Weighted-Average Fair Value Of Options And Weighted-Average Assumptions Used (Details)
Share Capital, Option Plans And Share-Based Payments - Summary Of Information Regarding Stock Options Outstanding (Details)
Share Capital, Option Plans And Share-Based Payments - Summary Of Stock Options Outstanding Under Various Stock Option Plans (Details)
Special Charges (Recoveries)
Special Charges (Recoveries) (Tables)
Special Charges (Recoveries) - Additional Information (Details)
Special Charges (Recoveries) - Schedule Of Restructuring Reserve (Details)
Special Charges (Recoveries) - Schedule Of Special Charges Related To Restructuring Plan (Details)
Subsequent Event (Details)
Subsequent Events
Supplemental Cash Flow Disclosures
Supplemental Cash Flow Disclosures (Details)
Supplemental Cash Flow Disclosures (Tables)
Ticker: OTEX
CIK: 1002638
Form Type: 10-K Annual Report
Accession Number: 0001002638-22-000029
Submitted to the SEC: Thu Aug 04 2022 5:48:48 PM EST
Accepted by the SEC: Fri Aug 05 2022
Period: Thursday, June 30, 2022
Industry: Computer Integrated Systems Design

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