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Reconciliation of Adjusted EBITDA and Free Cash Flows
FY'11-FY'20
(In '000's USD)
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
$
$
$
FY'11
123,203 $
$
12,931
8,452
68,048
38,966
22,116
11,308
15,576
6,019
$ 1,033,303
306,619
11.9%
29.7 %
223,221
(36,662)
186,559
FY'12
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)
$ 24 662
$
FY'13
148,520 $ 218,125
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 %
FY'14
$ 318,502
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
FY'15
31,638
54,620
81,002
108,239
50,906
22,047
12,823
28,047
$ 623,649
$ 1,851,917
234,327 $ 284,477 $ 1,025,659 $ 242,224
12.7%
33.7%
$ 522,055
FY'16
(23,107) (42,268)
(77,046)
95,395 $ 374,828 $ 445,009
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 %
FY'17
(70,009)
$ 453,654
(776,364)
120,892
130,556
150,842
64,318
30,507
63,618
(15,743)
$ 794,285
523,663 $
$ 2,291,057
44.8%
34.7 %
440,353
FY'18
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
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 $
FY'20
$1,148,080
(79,592) (105,318) (63,837)
$ 360,761 $ 602,763 $ 812,441 $
234,225
$ 3,109,736
110,837
146,378
205,717
219,559
89,458
29,532
100,428
11,946
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$
(1) Effective July 1, 2018, we adopted ASU No. 2016-18 using the retrospective method. As a result, certain prior period comparative figures above have been adjusted to conform to current period presentation. Fiscal years 2014-2020 have been adjusted
retrospectively per ASU 2016-18 while fiscal years 2011-2013 are presented prior to adoption of ASU 2016-18.
(2) Defined as "Additions of property & equipment" in the Consolidated Statements of Cash Flows
opentext™
7.5%
36.9 %
954,536
(72,709)
1,827
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