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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