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Reconciliation of Adjusted EBITDA and Free Cash Flows
FY'12
FY'13
FY'15
FY'16
FY'17
FY'18
(In '000's U.S. dollars)
Adjusted EBITDA
GAAP-based net income, attributable to Open Text
Add:
Provision for (recovery of) income taxes
Interest and other related expense, net
Amortization of acquired technology-based
intangible assets
Amortization of acquired customer-based intangible
assets
Depreciation
Share-based compensation
Special charges (recoveries)
Other (income) expense, net
Adjusted EBITDA
Total revenue
GAAP-based net income margin
Adjusted EBITDA margin (% of total revenue)
Free Cash Flows
GAAP-based cash flows provided by operating
activities (1)
Add:
Capital expenditures (2)
Free cash flows
$ 125,174
12,171
15,564
84,572
53,326
21,587
18,097
24,523
(3,549)
$ 351,465
$ 1,207,473
10.4%
29.1%
$ 266,490
(25,828)
$ 240,662
148,520
29,690
16,982
93,610
68,745
24,496
15,575
24,034
2,473
$ 424,125
$ 1,363,336
10.9%
31.1%
$ 318,502
(23,107)
$ 295,395
FY'14
$ 218,125
58,461
27,934
69,917
81,023
35,237
19,906
31,314
(3,941)
$ 537,976
$1,624,699
13.4%
33.1%
$ 417,096
(42,268)
$ 374,828
$ 234,327
31,638
54,620
81,002
108,239
50,906
22,047
12,823
28,047
$ 623,649
$ 1,851,917
12.7%
33.7%
522,055
(77,046)
$ 445,009
$ 284,477
6,282
76,363
74,238
113,201
54,929
25,978
34,846
1,423
$ 671,737
$ 1,824,228
15.6%
36.8%
$ 523,663
(70,009)
$ 453,654
$ 1,025,659
(776,364)
120,892
130,556
150,842
64,318
30,507
63,618
(15,743)
$ 794,285
$ 2,291,057
44.8%
34.7%
$ 440,353
(79,592)
$360,761
$ 242,224
143,826
138,540
185,868
184,118
86,943
27,594
29,211
(17,973)
$1,020,351
$ 2,815,241
8.6%
36.2%
$ 708,081
(105,318)
$ 602,763
FY'19
$ 285,501
154,937
136,592
183,385
189,827
97,716
26,770
35,719
(10,156)
$ 1,100,291
$2,868,755
10.0%
38.4%
$ 876,278
(63,837)
$ 812,441
FY'20
$ 234,225
110,837
146,378
205,717
219,559
89,458
29,532
100,428
11,946
$ 1,148,080
$ 3,109,736
7.5%
36.9%
$ 954,536
(72,709)
$ 881,827
FY'21
$ 310,672
339,906
151,567
218,796
216,544
85,265
51,969
1,748
(61,434)
$1,315,033
$ 3,386,115
9.2%
38.8%
$ 876,120
(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.
(2) Defined as "Additions of property & equipment" in the Consolidated Statements of Cash Flows
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