Total Growth Model: Cloud and ARR Growth
Reconciliation of Adjusted EBITDA and Free Cash Flows
(In '000's U.S. dollars)
Adjusted EBITDA
FY'14
FY'15
FY'16
FY'17
FY'18
FY'19
FY'20
FY'21
FY"22
FY'23
GAAP-based net income, attributable to
OpenText
$ 218,125 $ 234,327
$ 284,477
$ 1,025,659
$
242,224
$ 285,501
$ 234,225 $ 310,672
$ 397,090
$
150,379
Add:
Provision for (recovery of) income taxes
58,461
31,638
6,282
(776,364)
143,826
154,937
110,837
339,906
118,752
70,767
Interest and other related expense, net
27,934
54,620
76,363
120,892
138,540
136,592
146,378
151,567
157,880
329,428
Amortization of acquired technology-based
intangible assets
69,917
81,002
74,238
130,556
185,868
183,385
205,717
218,796
198,607
223,184
Amortization of acquired customer-based
intangible assets
81,023
108,239
113,201
150,842
184,118
189,827
219,559
216,544
217,105
326,406
Depreciation
35,237
50,906
54,929
64,318
86,943
97,716
89,458
85,265
88,241
107,761
Share-based compensation
19,906
22,047
25,978
30,507
27,594
26,770
29,532
51,969
69,556
130,302
Special charges (recoveries)
31,314
12,823
34,846
63,618
29,211
35,719
100,428
1,748
46,873
169,159
Other (income) expense, net
(3,941)
28,047
1,423
(15,743)
(17,973)
(10,156)
11,946
(61,434)
(29,118)
(34,469)
Adjusted EBITDA
$ 537,976
$ 623,649
$ 671,737
$ 794,285
$ 1,020,351
$ 1,100,291
$ 1,148,080
$ 1,315,033
$ 1,264,986
$ 1,472,917
Total revenue
GAAP-based net income margin
Adjusted EBITDA margin (% of total revenue)
$ 1,624,699
$ 1,851,917
13.4 %
33.1 %
12.7 %
33.7 %
$ 1,824,228
15.6 %
36.8 %
$ 2,291,057
$ 2,815,241
44.8 %
34.7 %
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 %
$ 3,493,844
11.4 %
36.2 %
$ 4,484,980
3.4 %
32.8 %
Free Cash Flows
GAAP-based cash flows provided by operating
activities (1)
$ 417,096
$
522,055
$ 523,663
$ 440,353
$
708,081
$
876,278
$ 954,536
$
876,120
$ 981,810
$ 779,205
Add:
Capital expenditures (2)
(42,268)
(77,046)
(70,009)
Free cash flows
$ 374,828
$ 445,009
$ 453,654
$
(79,592)
360,761
(105,318)
$ 602,763
$
(63,837)
812,441
$
(72,709)
881,827
$
(63,675)
812,445
$
(93,109)
888,701
(123,832)
$ 655,373
(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.
(2) Defined as "Additions of property & equipment" in the Consolidated Statements of Cash Flows.
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