Q1 FY'22 Financial Overview
Reconciliation of Adjusted EBITDA and Free Cash Flows
FY'11-FY'20
(In '000's USD)
Adjusted EBITDA
FY'11
FY'12
FY'13
FY'14
FY'15
FY'16
FY'17
FY'18
FY'19
FY'20
GAAP-based net income, attributable to OpenText
123,203
125,174
$ 148,520
$ 218,125
$ 234,327
$ 284,477
$ 1,025,659
242,224
$ 285,501 $ 234,225
Add:
Provision for (recovery of) income taxes
12,931
12,171
29,690
58,461
31,638
6,282
(776,364)
143,826
154,937
110,837
Interest and other related expense, net
8,452
15,564
16,982
27,934
54,620
76,363
120,892
138,540
136,592
146,378
Amortization of acquired technology-based intangible assets
68,048
84,572
93,610
69,917
81,002
74,238
130,556
185,868
183,385
205,717
Amortization of acquired customer-based intangible assets
38,966
53,326
68,745
81,023
108,239
113,201
150,842
184,118
189,827
219,559
Depreciation
Share-based compensation
Special charges (recoveries)
22,116
21,587
24,496
35,237
50,906
54,929
64,318
86,943
97,716
89,458
11,308
18,097
15,575
19,906
22,047
25,978
30,507
27,594
26,770
29,532
15,576
24,523
24,034
31,314
12,823
34,846
63,618
29,211
35,719
100,428
Other (income) expense, net
6,019
(3,549)
2,473
(3,941)
28,047
1,423
(15,743)
(17,973)
(10,156)
11,946
Adjusted EBITDA
$ 306,619
$ 351,465
$ 424,125
$ 537,976
$ 623,649
$ 671,737
$ 794,285
$ 1,020,351
$ 1,100,291
$ 1,148,080
Total revenue
GAAP-based net income margin
Adjusted EBITDA margin (% of total revenue)
Free Cash Flows
$ 1,033,303
11.9 %
29.7 %
$ 1,207,473
10.4 %
29.1 %
$ 1,363,336
$ 1,624,699
10.9 %
31.1 %
13.4 %
33.1 %
$ 1,851,917
12.7 %
33.7 %
$ 1,824,228
15.6 %
36.8%
$ 2,291,057
44.8 %
34.7 %
$ 2,815,241
8.6 %
36.2 %
$ 2,868,755
10.0 %
38.4 %
$ 3,109,736
7.5 %
36.9 %
GAAP-based cash flows provided by operating activities (1)
$
223,221
$ 266,490
$ 318,502
$
417,096
$
522,055
$ 523,663
440,353
$
708,081
$
876,278
$
954,536
Add:
Capital expenditures (2)
(36,662)
(25,828)
(23,107)
(42,268)
Free cash flows
$ 186,559
$ 240,662
$ 295,395
$ 374,828
$
(77,046)
445,009
(70,009)
$ 453,654
$
(79,592)
360,761
(105,318)
(63,837)
(72,709)
$ 602,763 $ 812,441 $ 881,827
(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
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