OpenText Investor Day Presentation Deck
Financial Strength for Returns Driven Capital Allocation
Consolidated Net Leverage Ratio ¹ Highlights
TTM Q2 FY'21 (US$ M)
Solid De-leverage
Operating Cash Flows
Less: CapEx
Free Cash Flows
Less: Principal²
Less: Dividends
Cash Generated
for Corporate Purposes ³
FCF conversion %
(FCF / Total Revenue)4
A-EBITDA4 to OCF conversion%
opentext™
$1,126
$57
$1,069
$10
$196
$863
32%
88%
ECD
2.50x
Q3 FY'17
Carbonite
2.28x
Q2 FY'20
Guidance +
Covisant
2.61x
Q1 FY'18
1.60x
Q2 FY'21
1.72x
Q1 FY'19
From ECD ($1.6B),
Guidance &
Covisint ($306 M),
reduced leverage
from 2.50x to 1.72x
in < 2years
From Carbonite
($1.4B) acquisition,
reduced leverage
from 2.28x to 1.60x
in less than 12
months
1. Consolidated Net Leverage Ratio (pro forma) is calculated using bank covenant methodology.
2. Excludes $600 million repayment, from cash on hand, of funds previously drawn on the Revolver during the three-month period ended December 31, 2020. As of December 31, 2020, we had no outstanding balance under the Revolver.
3. Corporate purposes may include Total Growth Strategy, debt repayment, share repurchases, or other initiatives.
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4. Please refer to "Use of Non-GAAP Financial Measures" in the Q2 FY'21 Investor presentation (February 4th, 2021) and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and
historical filings on Forms 10-Q, 10-K and 8-K.
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