OpenText Reports Fourth Quarter and Fiscal Year 2012 Financial Results

(PRNewswire) — Open Text(TM) Corporation (NASDAQ: OTEX) (TSX: OTC), announced today its financial results for the fourth quarter and year ended June 30, 2012.

Financial Highlights for Q4 FY12

  • Total revenue for the period was $305.6 million  up 7% Y/Y
  • License revenue was $78.0 million, down 2% Y/Y
  • GAAP-based EPS, diluted was $0.14 compared to $0.49 Y/Y; Non-GAAP-based EPS, diluted was $1.17 compared to $1.05 Y/Y up 11% Y/Y (2)
  • GAAP-based income from operations was $39.7 million and 13.0% of revenues; Non-GAAP-based operating income was $84.8 million and 27.7% of revenues(2)
  • Operating cash flow was $79.8 million compared to $52.0 million up 53% Y/Y, with an ending cash balance of $559.7 million.

Financial Highlights for FY12

  • Total revenue for the period was $1,207.5 million up 17% Y/Y
  • License revenue was $293.7 million, up 9% Y/Y
  • GAAP-based EPS, diluted was $2.13 compared to $2.11 Y/Y; Non-GAAP-based EPS, diluted was $4.60 compared to $4.07 Y/Y up 13% Y/Y (2)
  • GAAP-based income from operations was $149.4 million and 12.4% of revenues; Non-GAAP-based operating income was $329.9 million and 27.3% of revenues(2)
  • Operating cash flow was $266.5 million compared to $223.2 million up 19% Y/Y

"In fiscal year 2012 OpenText delivered its best revenue and non-GAAP earnings in our 20 year history. With revenue up 17% and non-GAAP earnings up 13%, we have consistently grown revenue and non-GAAP earnings year-over-year for the last 7 fiscal years," said OpenText CEO Mark J. Barrenechea.

Mr. Barrenechea continued, "During the fiscal year, we rebuilt the leadership team, better organized the company and positioned ourselves to grow market share in the $13 billion Enterprise Information Management (EIM) market. We see increasing demand for our EIM solutions as customers are turning their attention to a single source of truth for all of their unstructured information."(5)

Business Highlights

  • EIM expanded market opportunity
  • EasyLink acquisition closed July 2, 2012
  • Announcement of OpenText Cloud
  • Technology, services, financial and public sector industries saw the most demand
  • Organizational changes complete
  • 8 deals over $1 million and 12 deals between $500K and $1 million in the fourth quarter
  • Customer successes in the fourth quarter include McCain Foods Limited, Capricorn Investment Holdings, Bendigo Bank of Australia, The Polytechnic University of Hong Kong, News International Limited, Mosaic, JP Morgan, U.S. Department of the Interior and the National Olympic Photo Pool.
  • OpenText solutions help UK national press photographers showcase visual story of the Olympics
    http://www.opentext.com/2/global/press-release-details.html?id=FD0360263C1A42748753AE2D358038EA
  • U.S. Department of the Interior deploys OpenText cloud-based ECM solution
    http://www.opentext.com/2/global/press-release-details.html?id=D7D55237959549F89FA6445E7898C9A4
Summary of Quarterly Results              
  Q4 FY12 Q3 FY12 Q4 FY11 % Change (Q/Q)     % Change (Y/Y)    
Revenue (million) $305.6 $292.3 $285.5 4.6%   7.0%  
GAAP-based gross margin 65.8% 63.6% 66.7% 220 bps (90) bps
GAAP-based operating income margin 13.0% 9.3% 13.0% 370 bps bps
GAAP-based EPS, diluted $0.14 $0.59 $0.49 (76.3%)   (71.4%)  
Non-GAAP-based gross margin (2) 72.9% 71.0% 73.2% 190 bps (30) bps
Non-GAAP-based operating margin(2) 27.7% 25.2% 25.8% 250 bps 190 bps
Non-GAAP-based EPS, diluted (2) $1.17 $1.01 $1.05 15.8%   11.4%  

Summary of Year to Date Results          
  FY12 Q3 YTD FY12 FY11 % Change (Y/Y)    
Revenue (million) $1,207.5 $901.8 $1,033.3 16.9%  
GAAP-based gross margin 65.4% 65.2% 67.0% (160) bps
GAAP-based operating income margin 12.4% 12.2% 14.6% (220) bps
GAAP-based EPS, diluted $2.13 $2.00 $2.11 0.95%  
Non-GAAP-based gross margin (2) 72.5% 72.3% 73.6% (110) bps
Non-GAAP-based operating margin (2) 27.3% 27.2% 27.5% (20) bps
Non-GAAP-based EPS, diluted (2) $4.60 $3.43 $4.07 13.0%  
           

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