FY'24 Medium-Term Aspirations
Reconciliation of Adjusted EBITDA and Free Cash Flows
FY'12
FY'13
FY'14
FY'15
FY'16
FY'17
FY'18
FY'19
FY'20
(In '000's U.S. dollars)
FY'21
Adjusted EBITDA
GAAP-based net income, attributable to OpenText
$ 125,174
$ 148,520
$ 218,125
$ 234,327
$ 284,477
$ 1,025,659
$ 242,224
$ 285,501
$ 234,225
$ 310,672
Add:
Provision for (recovery of) income taxes
12,171
29,690
58,461
31,638
6,282
(776,364)
143,826
154,937
110,837
339,906
Interest and other related expense, net
15,564
16,982
27,934
54,620
76,363
120,892
138,540
136,592
146,378
151,567
Amortization of acquired technology-based
intangible assets
84,572
93,610
69,917
81,002
74,238
130,556
185,868
183,385
205,717
218,796
Amortization of acquired customer-based intangible
assets
53,326
68,745
81,023
108,239
113,201
150,842
184,118
189,827
219,559
216,544
Depreciation
21,587
24,496
35,237
50,906
54,929
64,318
86,943
97,716
89,458
85,265
Share-based compensation
18,097
15,575
19,906
22,047
25,978
30,507
27,594
26,770
29,532
51,969
Special charges (recoveries)
24,523
24,034
31,314
12,823
34,846
63,618
29,211
35,719
100,428
1,748
Other (income) expense, net
(3,549)
2,473
(3,941)
28,047
1,423
(15,743)
(17,973)
(10,156)
11,946
Adjusted EBITDA
$ 351,465
$ 424,125
$ 537,976
$ 623,649
$ 671,737
$ 794,285
$ 1,020,351
$ 1,100,291
$ 1,148,080
(61,434)
$ 1,315,033
Total revenue
GAAP-based net income margin
Adjusted EBITDA margin (% of total revenue)
$ 1,207,473
$ 1,363,336
$ 1,624,699
$ 1,851,917
10.4%
29.1%
10.9%
31.1%
13.4%
33.1%
12.7%
33.7%
$ 1,824,228
15.6%
36.8%
$ 2,291,057
44.8%
34.7%
$ 2,815,241
8.6%
36.2%
$ 2,868,755
10.0%
38.4%
$ 3,109,736
7.5%
36.9%
$ 3,386,115
9.2%
38.8%
Free Cash Flows
GAAP-based cash flows provided by operating
activities (1)
$ 266,490
$ 318,502
$ 417,096
$ 522,055
$ 523,663
$ 440,353
$ 708,081
$ 876,278
$ 954,536
$ 876,120
Add:
Capital expenditures (2)
Free cash flows
(72,709)
$ 881,827
(63,675)
$ 812,445
(1) Effective July 1, 2018, we adopted ASU No. 2016-18 using the retrospective method. Fiscal years 2014-2020 have been adjusted retrospectively to conform to current period presentation while fiscal years 2012-2013 are presented
prior to adoption of ASU 2016-18.
(25,828)
(23,107)
(42,268)
(77,046)
(70,009)
(79,592)
(105,318)
(63,837)
$ 240,662
$ 295,395
$ 374,828
$ 445,009
$ 453,654
$ 360,761
$ 602,763
$ 812,441
(2) Defined as "Additions of property & equipment" in the Consolidated Statements of Cash Flows
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