OpenText Reports First Quarter Fiscal Year 2016 Financial Results

(PRNewswire) —  Open Text Corporation (NASDAQ: OTEX) (TSX: OTC) announced today its financial results for the first quarter ended September 30, 2015.

"Fiscal 2016 will be a transformative year for OpenText. Digitalization enables customers to create a better way to work, and project Blue Carbon is the enabling platform. I am pleased to confirm project Blue Carbon will be available in Beta this quarter and unveiled at our annual user conference Enterprise World, taking place November 8 to 13, 2015," said OpenText CEO Mark J. Barrenechea.

Barrenechea further added, "As for Fiscal Q1 results, due to the strength of the US Dollar, foreign currency volatility continued to have a significant impact on our results in the quarter, negatively impacting total revenue by $34M. In constant currency, total revenue grew 3%, and recurring revenue grew 4%.  We remain confident in our 2020 target model of adjusted operating margins between 34% to 38%."

Financial Highlights for Q1 FY16 with Year Over Year Comparisons (1)

 

Summary of Quarterly Results

     

Q1 FY16

in CC*

% Change  
in CC*

 

Q1 FY16

Q1 FY15

$ Change

% Change

 

Revenues: (in millions)

             

Cloud services and subscriptions

$147.8

 

$154.1

 

($6.3)

 

(4.1)

%

 

$156.3

 

1.4

%

Customer support

185.7

 

183.9

 

1.8

 

1.0

%

 

200.7

 

9.1

%

Professional service and other

49.7

 

57.6

 

(7.9)

 

(13.7)

%

 

55.1

 

(4.3)

%

Total Recurring revenues

$383.2

 

$395.6

 

($12.4)

 

(3.1)

%

 

$412.1

 

4.2

%

License

51.3

 

58.2

 

(6.9)

 

(11.8)

%

 

56.0

 

(3.8)

%

Total revenues

$434.5

 

$453.8

 

($19.3)

 

(4.2)

%

 

$468.1

 

3.2

%

Non-GAAP-based operating margin (2)

34.1

%

34.3

%

n/a

 

(20)

 

bps

33.6

%

 

GAAP-based operating margin

17.6

%

22.7

%

n/a

 

(510)

 

bps

   

Non-GAAP-based EPS, diluted (2)

$0.84

 

$0.97

 

($0.13)

 

(13.4)

%

 

$0.90

 

(7.2)

%

GAAP-based EPS, diluted

$0.34

 

$0.53

 

($0.19)

 

(35.8)

%

     

Operating cash flows (in millions)

$92.7

 

$138.5

 

($45.8)

 

(33.1)

%

     

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