OpenText Reports Fourth Quarter and Fiscal Year 2015 Financial Results

(PRNewswire) —  Open Text Corporation (NASDAQ: OTEX) (TSX: OTC) announced today its financial results for the fourth quarter and fiscal year ended June 30, 2015.

"OpenText is helping the world's leading brands digitize their business, both on- and off-premise, and our strategy is showing bright-line success supported by our strong fourth quarter performance.  We ended fiscal year 2015 with total revenues of $1.9 billion, up 14% year-over-year, non-GAAP operating margin of 31% and operating cash flows of  $523 million," said OpenText CEO Mark J. Barrenechea.  "With a more directly aligned sales leadership team in place, our sales organization performed extremely well in Q4, closing 26 deals over $1 million (11 cloud and 15 license)."

Barrenechea further added, "Over the last four years, our non-GAAP operating margin has grown from 27% to 31%, and our cloud revenue from zero to 33%, all while maintaining consistent license revenue on an absolute basis.  Our confidence continues into fiscal 2016 and we are raising our non-GAAP operating margin model range to 30% to 34% and raising our annual recurring revenue range to 82% to 86%."

In addition, Barrenechea added, "Today we announced a share buyback of up to $200 million and our quarterly dividend of 20 cents.  We also re-affirm our intent to allocate $3 billion in capital to acquisitions in the coming years."

Financial Highlights for Fiscal 2015 with Year Over Year Comparisons (1)

 

Summary of Annual Results

   

FY15 re-presented on a constant currency basis

FX impact - higher (lower)

 

FY15

FY14

$ Change

% Change

     

Revenues: (in millions)

             

Cloud services and subscriptions

$605.3

 

$373.4

 

$231.9

 

62.1

%

 

$623.3

 

($18.0)

 

Customer support

731.8

 

707.0

 

24.8

 

3.5

%

 

765.5

 

(33.7)

 

Professional service and other

220.5

 

238.4

 

(17.9)

 

(7.5)

%

 

232.7

 

(12.2)

 

Total Recurring revenues

$1,557.7

 

$1,318.9

 

$238.8

 

18.1

%

 

$

1,621.5

 

($63.8)

 

License

294.3

 

305.8

 

(11.5)

 

(3.8)

%

 

314.5

 

(20.2)

 

Total revenues

$1,851.9

 

$1,624.7

 

$227.2

 

14.0

%

 

$

1,936.0

 

($84.1)

 

Non-GAAP-based operating margin (2)

30.9

%

30.9

%

n/a

 

 

bps

31.0

%

 

GAAP-based operating margin

18.8

%

18.5

%

n/a

 

30

 

bps

   

Non-GAAP-based EPS, diluted (2)

$3.46

 

$3.37

 

$0.09

 

2.7

%

 

$3.64

 

($0.18)

 

GAAP-based EPS, diluted

$1.91

 

$1.81

 

$0.10

 

5.5

%

     

Operating cash flows (in millions)

$523.0

 

$417.1

 

$105.9

 

25.4

%

     

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