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Donnerstag,
03.11.2016 21:05
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PR Newswire
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OpenText Reports First Quarter Fiscal Year 2017 Financial Results
Zeitungsständer (Symbolbild).
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PR Newswire
WATERLOO, Ontario, Nov. 3, 2016
-- Total revenues of $492 million, up 13%; up 14% Y/Y in CC
-- Recurring revenues of $431 million, up 12%; up 14% Y/Y in CC
-- Cloud services and subscription revenue of $170 million, up 15%; both Y/Y and in CC
-- License revenue of $61 million, up 18%; up 19% Y/Y in CC
-- GAAP-based EPS, diluted of $7.46, up 2,094% Y/Y; Recognized a significant tax benefit of $876 million this quarter
-- Non-GAAP-based EPS, diluted of $0.86, up 2% Y/Y; up 4% in CC
WATERLOO, Ontario, Nov. 3, 2016 /PRNewswire/ -- Open Text Corporation (NASDAQ: OTEX) (TSX: OTC) announced today its financial results for the first quarter ended September 30, 2016.
"OpenText delivered nearly half a billion dollars in quarterly revenues, double digit cloud and license performance, our fastest start to a fiscal year in the company's history. We expect Fiscal 2017 to be a transformative year for OpenText as we strengthen our product offerings with innovation and acquisitions," said OpenText CEO and CTO, Mark J. Barrenechea. "Our customers are responding well to our digital transformation products and we expect this to translate into double digit revenue growth for the entire year. Within the quarter, we achieved significant milestones with the closing of multiple acquisitions and expect to complete their integrations and improve operations by the end of the fiscal year."
On September 12, 2016, OpenText entered into a definitive agreement to acquire Dell-EMC's Enterprise Content Division (ECD Business), including Documentum.
"The acquisition of Dell-EMC's ECD Business is progressing according to plan and we expect to close the transaction within an estimated 75 days. Once closed, we expect to strengthen our recurring revenues and correspondingly increase cash flow generation. We are excited about the opportunities which ECD Business brings, and I look forward to welcoming our new customers, employees, and partners to OpenText," said Barrenechea.
Financial Highlights for Q1 FY 2017 with Year Over Year Comparisons
| Summary of Quarterly Results | | | | | ||||||||||
| | Q1 FY17 | Q1 FY16 | $ Change | % Change | | Q1 FY17 in | % Change | | ||||||
| Revenues: (in millions) | | | | | | | | | ||||||
| Cloud services and subscriptions | $169.7 | $147.8 | $21.9 | 14.8% | | $170.7 | 15.5% | | ||||||
| Customer support | 210.2 | 185.7 | 24.5 | 13.2% | | 212.8 | 14.6% | | ||||||
| Professional service and other | 51.1 | 49.7 | 1.4 | 2.7% | | 52.0 | 4.5% | | ||||||
| Total Recurring revenues | $431.0 | $383.2 | $47.8 | 12.5% | | $435.4 | 13.6% | | ||||||
| License | 60.7 | 51.3 | 9.4 | 18.2% | | 61.2 | 19.2% | | ||||||
| Total revenues | $491.7 | $434.5 | $57.2 | 13.1% | | $496.6 | 14.3% | | ||||||
| GAAP-based operating margin | 15.1% | 17.6% | n/a | (250) | bps | | | | ||||||
| Non-GAAP-based operating margin (1) | 30.8% | 34.1% | n/a | (330) | bps | 30.6% | (350) | bps | ||||||
| GAAP-based EPS, diluted(2) | $7.46 | $0.34 | $7.12 | 2,094.1% | | | | | ||||||
| Non-GAAP-based EPS, diluted (1) (3) | $0.86 | $0.84 | $0.02 | 2.4% | | $0.87 | 3.6% | | ||||||
| Operating cash flows (in millions) | $73.5 | $92.7 | ($19.2) | (20.8)% | | | | | ||||||
| |
| (1) Please see note 2 "Use of Non-GAAP Financial Measures" below. |
| (2) Recorded a significant tax benefit in Q1 FY17 of $876.1 million that is specifically tied to the Company's internal reorganization and applied to this quarter only and, as a result, will not continue in future periods. |
| (3) Please also see note 14 to the Company's condensed consolidated financial statements on Form 10-Q. Reflective of the amount of net tax benefit arising from the internal reorganization assumed to be allocable to the current period based on the forecasted utilization period. |
| Note: Individual line items in tables may be adjusted by non-material amounts to enable totals to align to published financial statements. |
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