Total Growth Model: Cloud and ARR Growth
F'24 Target Model (1)
Updated
F'23 Reported
F'24E in CC(2)
F'23
Reported
USD$M unless stated otherwise
F'24E in CC(2)
$528
1.2%
Ent. Cloud Bookings (3) and Growth Y/Y%
Organic CC Growth (4) Y/Y%
25% to 30%
$4,485
32.8%
$655
($132)
Total Revenues
A-EBITDA Margin (5)
Free Cash Flows (5)(6)
FX Revenues (headwind)/tailwind*
*1H F'24 FX tailwind of $42M, 2H F'24 neutral to slight headwind
1% to 2%
$5,850 to $5,950
36% to 37%
$825 to $900
USD$M
$1,700 37.9%
$1,915 42.7%
$3,615 80.6%
$539 12.0%
$331
7.4%
% of Rev
% of Revenues
Y/Y Growth
Cloud Services and Subscriptions
30% to 32%
Customer Support
45% to 47%
6% to 8%
43% to 45%
(8)
ARR
76% to 78%
25% to 27%
$20 to $40
$4,485
License Revenues
Professional Services
Total Revenues
15% to 17%
68% to 70%
6% to 8%
$5,850 to $5,950
26% to 28%
76.1%
Non-GAAP Gross Margin (5)
77% to 79%
F'23
F'24E
14.3%
Research & Development(5)
14% to 16%
14%
Adj Tax Rate(7)
14%
20.2%
Sales & Marketing(5)
18% to 20%
$329
Net Interest Expense and Other
$550 to $570
8.7%
General & Admin(5)
7% to 9%
$124
Capital Expenditures
$140 to $160
2.4%
Depreciation (5)
1% to 3%
Expect Micro Focus to return to organic growth in F'24
45.6%
Total Operating Expenses (5)
42% to 44%
opentext™ (1), (2), (3), (4), (5), (6), (7), (8) See Slide Notes
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