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    OpenText Reports Third Quarter Fiscal Year 2025 Financial Results

    4/30/25 4:01:00 PM ET
    $OTEX
    EDP Services
    Technology
    Get the next $OTEX alert in real time by email

    Announces Expansion and Final Phase of Business Optimization Plan

    Fiscal 2025 Third Quarter Highlights (in millions(1))

    Cloud Revenues



    Profitability



    EPS



    Cash Flows



    Net Income



    A-EBITDA



    GAAP



    Non-GAAP



    Operating



    Free Cash Flows

    $463



    $93



    $395



    $0.35



    $0.82



    $402



    $374

    +1.8% Y/Y



    7.4% margin



    31.5% margin



    -2.8% Y/Y



    -12.8% Y/Y



    +4.6% Y/Y



    +7.4% Y/Y

     



    "On the strength of our operating model, OpenText delivered solid Q3 Cloud revenues, A-EBITDA margin and free cash flows, however, total revenues fell short of our expectations given demand volatility," said Mark J. Barrenechea, OpenText CEO & CTO. "While every organization is managing significant uncertainty, we continue to prove the criticality of OpenText products and the resiliency of our business model, as we support customers in all industries across this dynamic environment."



















    "We are incredibly proud to have expanded many customer relationships during the quarter, and we launched with great anticipation our new Titanium X platform (CE 25.2) that will allow customers to work in SaaS and hybrid environments, while making smarter decisions with OpenText Aviator AI," said Barrenechea. "In addition, we announced the significant final phase of our Business Optimization Plan that commenced last summer. This work is important in continuously improve our A-EBITDA margin, and allow us to reinvest for the long-term in our Aviator AI platform, Content, Security and Cloud growth products."





    Mark J. Barrenechea, OpenText CEO & CTO



















    "I am excited to have joined such an extraordinary Canadian company. There is no other Canadian software company with the breadth, depth and clear winning position particularly in AI, Content, Security and Cloud, as OpenText. We have the operational focus to generate strong long-term margin and earnings growth, while leveraging our significant cash flow generation capability to reinvest in top priority products and investor returns. The bottom line results this quarter are a great example of our resilience and consistency. It's an exceptional time for investors to participate in the earnings growth engine we're building at OpenText."





                                                                                   Chadwick Westlake, OpenText EVP, CFO

















     

    WATERLOO, ON, April 30, 2025 /PRNewswire/ -- Open Text Corporation (NASDAQ:OTEX), (TSX:OTEX), today announced its financial results for the third quarter ended March 31, 2025.

    OpenText (PRNewsfoto/Open Text Corporation)

    Third Quarter Financial Highlights Y/Y

    • Total revenues: $1.254 billion, -13.3% Y/Y or -4.5% when adjusted for the AMC divestiture
    • Annual recurring revenues (ARR): $1.030 billion, -10.1% Y/Y or -2.8% when adjusted for the AMC divestiture
    • Cloud revenues: $463 million, +1.8% Y/Y, 17 consecutive quarters of cloud organic growth
    • Quarterly enterprise cloud bookings(2):$151 million, -8.4% Y/Y
    • Cash flows: Operating $402 million and free cash flows(3) $374 million
    • Net income: GAAP $93 million, -5.6% Y/Y, Non-GAAP(3) $216 million, -16.0% Y/Y
    • Adjusted EBITDA(3) of $395 million, margin of 31.5%
    • Diluted earnings per share (EPS): GAAP $0.35, Non-GAAP(3) $0.82
    • Returned $183 million of capital to shareholders
    • Paid $68 million to shareholders through dividends
    • Repurchased $115 million of common shares for cancellation

    (1)

    Numbers represented are in millions of US dollars, except for per share or percentage metrics.

    (2)

    Enterprise cloud bookings is defined as the total value from cloud services and subscription contracts, entered into in the period that are new, committed and incremental to our existing contracts, entered into with our enterprise based customers.

    (3)

    Please see Note 2 "Use of Non-GAAP Financial Measures" to the condensed consolidated financial statements below.

    Financial Highlights for Q3 Fiscal 2025 with Year Over Year Comparisons

    Summary of Quarterly Results















    (In millions, except per share data)

    Q3 FY'25

    Q3 FY'24

    $ Change 

    % Change 



    Q3 FY'25

    in CC*

    % Change

    in CC*

    Revenues:















    Cloud services and subscriptions

    $463

    $455

    $8

    1.8 %



    $468

    3.0 %

    Customer support

    $567

    $691

    ($124)

    (17.9) %



    $578

    (16.4) %

    Total annual recurring revenues**

    $1,030

    $1,146

    ($116)

    (10.1) %



    $1,046

    (8.7) %

    License

    $138

    $200

    ($62)

    (30.9) %



    $141

    (29.6) %

    Professional service and other

    $86

    $101

    ($15)

    (14.7) %



    $88

    (12.6) %

    Total revenues

    $1,254

    $1,447

    ($193)

    (13.3) %



    $1,275

    (11.9) %

    GAAP-based operating income

    $209

    $227

    ($18)

    (7.9) %



    N/A

    N/A

    Non-GAAP-based operating income (1)

    $363

    $432

    ($69)

    (15.9) %



    $366

    (15.3) %

    GAAP-based net income attributable to OpenText

    $93

    $98

    ($5)

    (5.6) %



    N/A

    N/A

    Non-GAAP-based net income attributable to OpenText (1)

    $216

    $257

    ($41)

    (16.0) %



    $218

    (15.1) %

    GAAP-based EPS, diluted

    $0.35

    $0.36

    ($0.01)

    (2.8) %



    N/A

    N/A

    Non-GAAP-based EPS, diluted (1)(2)

    $0.82

    $0.94

    ($0.12)

    (12.8) %



    $0.83

    (11.7) %

    Adjusted EBITDA (1)

    $395

    $464

    ($68)

    (14.8) %



    $398

    (14.2) %

    Operating cash flows

    $402

    $385

    $18

    4.6 %



    N/A

    N/A

    Free cash flows (1)

    $374

    $348

    $26

    7.4 %



    N/A

    N/A



    Summary of YTD Results















    (In millions, except per share data)

    FY'25 YTD

    FY'24 YTD

    $ Change 

    % Change 



    FY'25 YTD

    in CC*

    % Change

    in CC*

    Revenues:















    Cloud services and subscriptions

    $1,382

    $1,356

    $26

    1.9 %



    $1,387

    2.3 %

    Customer support

    $1,753

    $2,085

    ($331)

    (15.9) %



    $1,761

    (15.5) %

    Total annual recurring revenues**

    $3,135

    $3,441

    ($305)

    (8.9) %



    $3,148

    (8.5) %

    License

    $453

    $663

    ($210)

    (31.6) %



    $455

    (31.3) %

    Professional service and other

    $269

    $304

    ($35)

    (11.5) %



    $270

    (11.3) %

    Total revenues

    $3,858

    $4,407

    ($550)

    (12.5) %



    $3,873

    (12.1) %

    GAAP-based operating income

    $711

    $694

    $17

    2.5 %



    N/A

    N/A

    Non-GAAP-based operating income (1)

    $1,244

    $1,425

    ($181)

    (12.7) %



    $1,241

    (13.0) %

    GAAP-based net income attributable to OpenText

    $407

    $217

    $190

    87.7 %



    N/A

    N/A

    Non-GAAP-based net income attributable to OpenText (1)

    $758

    $870

    ($112)

    (12.9) %



    $756

    (13.1) %

    GAAP-based EPS, diluted

    $1.53

    $0.80

    $0.73

    91.3 %



    N/A

    N/A

    Non-GAAP-based EPS, diluted (1)(2)

    $2.85

    $3.19

    ($0.34)

    (10.7) %



    $2.85

    (10.8) %

    Adjusted EBITDA (1)

    $1,341

    $1,525

    ($184)

    (12.1) %



    $1,337

    (12.3) %

    Operating cash flows

    $672

    $782

    ($110)

    (14.1) %



    N/A

    N/A

    Free cash flows (1)

    $563

    $663

    ($100)

    (15.0) %



    N/A

    N/A





    (1)

    Please see Note 2 "Use of Non-GAAP Financial Measures" to the condensed consolidated financial statements below.

    (2)

    For periods prior to Fiscal 2025, this is reflective of the amount of net tax benefit arising from the internal reorganization assumed to be allocable to the period based on the forecasted utilization period. Please also see Note 14 to the Company's Fiscal 2018 Consolidated Financial Statements on Form 10-K.





    Note: Items in tables may not add due to rounding. Percentages presented are calculated based on the underlying amounts.



    *CC: Constant currency for this purpose is defined as the current period reported revenues/expenses/earnings represented at the prior comparative period's foreign exchange rate.



    **Annual recurring revenue is defined as the sum of Cloud services and subscriptions revenue and Customer support revenue.

    Expansion of the Business Optimization Plan

    On April 29, 2025, the Board approved an expansion of our previously announced Business Optimization Plan to complete strategic initiatives, integration and simplification following the Micro Focus acquisition, AMC divestiture and other growth and innovation plans including the deployment of AI and automation. We expect up to approximately $200 million of additional costs to be incurred to complete this final phase of the Business Optimization Plan, bringing the combined plan up to approximately $260 million. This expansion includes costs associated with workforce reduction due to automation, centralization and simplification, and corresponding facility costs related to a reduction of our real estate footprint globally. On an overall basis, the expansion is expected to result in a total net reduction of approximately 2,000 positions, an increase of approximately 1,600 positions from the previously announced plan. The expanded Business Optimization Plan along with other savings initiatives, when fully implemented, is expected to generate total annualized savings of approximately $490 million to $550 million, an increase of $340 million to $400 million on an annualized basis. Of this, approximately 50% will be realized in Fiscal 2026, with the remaining annualized benefit to be realized in Fiscal 2027.

    Dividend

    As part of our quarterly, non-cumulative cash dividend program, the Board declared on April 29, 2025, a cash dividend of $0.2625 per common share. The record date for this dividend is June 6, 2025 and the payment date is June 20, 2025. OpenText believes strongly in returning value to its shareholders and intends to maintain its dividend program. Any future declarations of dividends and the establishment of future record and payment dates are all subject to the final determination and discretion of the Board of Directors.

    Share Repurchase 

    OpenText announced that in the third quarter of Fiscal 2025, it repurchased $115 million of common shares for cancellation under its share repurchase plan (the Fiscal 2025 Repurchase Plan). As of the end of the third quarter of Fiscal 2025, $266 million of common shares have been repurchased for cancellation under the Fiscal 2025 Repurchase Plan. During the fiscal quarter, OpenText also announced that it increased the authorized limit of the Fiscal 2025 Repurchase Plan by $150 million to $450 million and established an automatic share purchase plan (ASPP) with its broker to facilitate repurchases of common shares. Under the Fiscal 2025 Repurchase Plan, for the period commencing August 7, 2024 until August 6, 2025, OpenText intends to purchase for cancellation in open market transactions, from time to time, up to $450 million of its issued and outstanding common shares, subject to a maximum of 21,179,064 common shares.

    Quarterly Business Highlights

    • Key customer wins in the quarter include: ABN AMRO Bank, Alps Alpine North America, Avatel Telecom, Converge ICT Solutions, Criteo Technology, Fidelity National Financial, Froneri International, Japan Tobacco International (Spain), Kubus IT GbR, Leonardo UK, Pikeville Medical Center, Quantum Health, Sky Italia, SMA Solar Technology, United States Air Force.
    • OpenText announced availability of Cloud Editions 25.2, formerly known as Titanium X, which brings together a comprehensive set of enterprise capabilities for process automation, data, security and AI.
    • OpenText held customer summits in London and Munich, empowering businesses with the latest breakthroughs in information management and AI that are driving massive growth and productivity enhancements for the world's largest organizations.
    • OpenText launched next generation OpenText Cybersecurity Cloud with AI-powered threat detection and response capabilities.
    • OpenText strengthened consumer Cybersecurity portfolio delivering multiple layers of security in a single, unified platform.

    Summary of Quarterly Results

















    Q3 FY'25

    Q2 FY'25

    Q3 FY'24

    % Change 

    (Q3 FY'25 vs

    Q2 FY'25)



    % Change

    (Q3 FY'25 vs

    Q3 FY'24)



    Revenue (millions)

    $1,254

    $1,335

    $1,447

    (6.0) %



    (13.3) %



    GAAP-based gross margin

    71.6 %

    73.3 %

    73.0 %

    (170)

    bps

    (140)

    bps

    Non-GAAP-based gross margin (1)

    75.7 %

    77.2 %

    76.7 %

    (150)

    bps

    (100)

    bps

    GAAP-based EPS, diluted

    $0.35

    $0.87

    $0.36

    (59.8) %



    (2.8) %



    Non-GAAP-based EPS, diluted (1)(2)

    $0.82

    $1.11

    $0.94

    (26.1) %



    (12.8) %







    (1)

    Please see Note 2 "Use of Non-GAAP Financial Measures" to the condensed consolidated financial statements below.

    (2)

    Please also see Note 14 to the Company's Fiscal 2018 Consolidated Financial Statements on Form 10-K. Reflective of the amount of net tax benefit arising from the internal reorganization assumed to be allocable to the current period based on the forecasted utilization period.

    Conference Call Information

    OpenText posted an investor presentation on its Investor Relations website and invites the public to listen to the earnings conference call webcast tomorrow on Thursday, May 1, 2025 at 8:30 a.m. ET (5:30 a.m. PT) from the Investor Relations section of the Company's website at https://investors.opentext.com. To join the webcast instantly, use this webcast link. A webcast replay will be available shortly following completion of the live call.

    Please see below note (2) for a reconciliation of U.S. GAAP-based financial measures used in this press release to Non-GAAP-based financial measures.

    Copyright ©2025 Open Text. OpenText is a trademark or registered trademark of Open Text. The list of trademarks is not exhaustive of other trademarks. Registered trademarks, product names, company names, brands and service names mentioned herein are property of Open Text. All rights reserved. For more information, visit: https://www.opentext.com/about/copyright-information. 

    About OpenText

    OpenText is the leading Information Management software and services company in the world. We help organizations solve complex global problems with a comprehensive suite of Business Clouds, Business AI, and Business Technology. For more information about OpenText (NASDAQ/TSX:OTEX), please visit us at https://www.opentext.com.

    OTEX-F

    Cautionary Statement Regarding Forward-Looking Statements

    Certain statements in this press release, including statements about Open Text Corporation ("OpenText" or "the Company") on growth, profitability and future of Information Management, including delivering long term margin and earnings growth, reinvestment in growth products, margin improvement and efficiency; achieving total revenue growth, competitive advantage through innovation, and operational excellence through delivering upper quartile margins, free cash flow, earnings and capital return; customer benefits from products; A-EBITDA expansion; executing the Company's capital allocation strategy, including expected return to shareholders; level of performance through the fiscal year; new bookings, demand, scale and revenue growth; expansion and execution of Business Optimization Plan and other savings initiatives, including timing, costs, savings, associated benefits thereof and potential adjustments of amounts thereto; innovation fueled by cloud, AI and security technologies; executing on targets and aspirations; future acquisitions or divestitures and associated strategy; future revenues, operating expenses, margins, free cash flows, interest expense and capital expenditures; net leverage and savings targets and timing thereof; market share of our products; innovation road map; intention to maintain a dividend program, including any targeted annualized dividend; expected size and timing of the Fiscal 2025 Repurchase Plan, including execution thereof; future tax rates; renewal rates; new platform and product offerings, including reinvestment therein and associated benefits to customers; internal automation and AI leverage, including our AI strategy, vision and growth; strategy to build shareholder value; and other matters, which may contain words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates", "may", "could", "would", "might", "will" and variations of these words or similar expressions are intended to identify forward-looking statements or information under applicable securities laws (forward-looking statements). In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements, and are based on our current expectations, forecasts and projections about the operating environment, economies and markets in which we operate. Forward-looking statements reflect our current estimates, beliefs and assumptions, which are based on management's perception of historic trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances, such as certain assumptions about the economy, as well as market, financial and operational assumptions. Management's estimates, beliefs and assumptions, including statements regarding future targets and aspirations, are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and, as such, are subject to change and are not considered guidance. We can give no assurance that such estimates, beliefs and assumptions will prove to be correct. Future declarations of dividends are also subject to the final determination and discretion of the Board of Directors, and an annualized dividend has not been approved or declared by the Board. Forward-looking statements involve known and unknown risks and uncertainties such as those relating to: all statements regarding the expected future financial position, results of operations, revenues, expenses, margins, cash flows, dividends, share buybacks, financing plans, business strategy, budgets, capital expenditures, competitive positions, growth opportunities, plans and objectives of management, including any anticipated synergy benefits; incurring unanticipated costs, delays or difficulties; and our ability to develop, protect and maintain our intellectual property and proprietary technology and to operate without infringing on the proprietary rights of others. We rely on a combination of copyright, patent, trademark and trade secret laws, non-disclosure agreements and other contractual provisions to establish and maintain our proprietary rights, which are important to our success. From time to time, we may also enforce our intellectual property rights through litigation in line with our strategic and business objectives. The actual results that OpenText achieves may differ materially from any forward-looking statements. For additional information with respect to risks and other factors which could occur, see the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the Securities and Exchange Commission (SEC) and other securities regulators. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Further, readers should note that we may announce information using our website, press releases, securities law filings, public conference calls, webcasts and the social media channels identified on the Investors section of our website (https://investors.opentext.com). Such social media channels may include the Company's or our CEO's blog, X, formerly known as Twitter, account or LinkedIn account. The information posted through such channels may be material. Accordingly, readers should monitor such channels in addition to our other forms of communication.

    OPEN TEXT CORPORATION

    CONDENSED CONSOLIDATED BALANCE SHEETS 

    (In thousands of U.S. dollars, except share data)





    March 31, 2025



    June 30, 2024

    ASSETS

    (unaudited)





    Cash and cash equivalents

    $             1,277,950



    $             1,280,662

    Accounts receivable trade, net of allowance for credit losses of $13,379 as of March 31, 2025 and $12,108 as of June 30, 2024

    593,069



    626,189

    Contract assets

    70,878



    66,450

    Income taxes recoverable

    18,767



    61,113

    Prepaid expenses and other current assets

    200,969



    242,911

    Total current assets

    2,161,633



    2,277,325

    Property and equipment, net of accumulated depreciation of $806,609 as of March 31, 2025 and $751,174 as of June 30, 2024

    367,741



    367,740

    Operating lease right of use assets

    209,121



    219,774

    Long-term contract assets

    47,961



    38,684

    Goodwill

    7,493,952



    7,488,367

    Acquired intangible assets

    2,102,476



    2,486,264

    Deferred tax assets

    1,004,429



    932,657

    Other assets

    303,124



    298,281

    Long-term income taxes recoverable

    64,389



    96,615

    Total assets

    $          13,754,826



    $          14,205,707

    LIABILITIES AND SHAREHOLDERS' EQUITY







    Current liabilities:







    Accounts payable and accrued liabilities

    $                847,735



    $                931,116

    Current portion of long-term debt

    35,850



    35,850

    Operating lease liabilities

    75,538



    76,446

    Deferred revenues

    1,526,829



    1,521,416

    Income taxes payable

    37,231



    235,666

    Total current liabilities

    2,523,183



    2,800,494

    Long-term liabilities:







    Accrued liabilities

    42,555



    46,483

    Pension liability, net

    132,066



    127,255

    Long-term debt

    6,345,390



    6,356,943

    Long-term operating lease liabilities

    195,394



    218,174

    Long-term deferred revenues

    171,890



    162,401

    Long-term income taxes payable

    84,294



    145,644

    Deferred tax liabilities

    129,646



    148,632

    Total long-term liabilities

    7,101,235



    7,205,532

    Shareholders' equity:







    Share capital and additional paid-in capital







    259,649,857 and 267,800,517 Common Shares issued and outstanding at March 31, 2025 and June 30, 2024, respectively; authorized Common Shares: unlimited

    2,200,012



    2,271,886

    Accumulated other comprehensive income (loss)

    (75,847)



    (69,619)

    Retained earnings

    2,082,247



    2,119,159

    Treasury stock, at cost (2,512,726 and 3,135,980 shares at March 31, 2025 and June 30, 2024, respectively)

    (77,674)



    (123,268)

    Total OpenText shareholders' equity

    4,128,738



    4,198,158

    Non-controlling interests

    1,670



    1,523

    Total shareholders' equity

    4,130,408



    4,199,681

    Total liabilities and shareholders' equity

    $          13,754,826



    $          14,205,707

     

    OPEN TEXT CORPORATION

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME

    (In thousands of U.S. dollars, except share and per share data)

    (unaudited)





    Three Months Ended

    March 31,



    Nine Months Ended

    March 31,



    2025



    2024



    2025



    2024

    Revenues:















    Cloud services and subscriptions

    $       462,614



    $       454,528



    $    1,381,944



    $    1,355,633

    Customer support

    567,379



    691,441



    1,753,464



    2,084,916

    License

    138,363



    200,363



    453,099



    662,627

    Professional service and other

    86,007



    100,799



    269,361



    304,252

    Total revenues

    1,254,363



    1,447,131



    3,857,868



    4,407,428

    Cost of revenues:















    Cloud services and subscriptions

    174,186



    186,400



    521,731



    537,960

    Customer support

    61,733



    74,639



    186,963



    223,027

    License

    7,504



    6,769



    20,497



    16,591

    Professional service and other

    65,487



    75,455



    200,443



    230,836

    Amortization of acquired technology-based intangible assets

    47,199



    48,094



    141,646



    195,702

    Total cost of revenues

    356,109



    391,357



    1,071,280



    1,204,116

    Gross profit

    898,254



    1,055,774



    2,786,588



    3,203,312

    Operating expenses:















    Research and development

    197,333



    226,521



    568,753



    665,608

    Sales and marketing

    260,102



    303,750



    779,913



    871,384

    General and administrative

    115,718



    145,924



    321,804



    450,399

    Depreciation

    32,474



    32,109



    96,524



    99,615

    Amortization of acquired customer-based intangible assets

    79,683



    100,841



    242,235



    334,958

    Special charges (recoveries)

    3,854



    19,561



    66,228



    87,521

    Total operating expenses

    689,164



    828,706



    2,075,457



    2,509,485

    Income from operations

    209,090



    227,068



    711,131



    693,827

    Other income (expense), net

    (26,578)



    9,950



    6,382



    (38,664)

    Interest and other related expense, net

    (78,816)



    (132,663)



    (246,713)



    (413,719)

    Income before income taxes

    103,696



    104,355



    470,800



    241,444

    Provision for income taxes

    10,842



    6,028



    63,618



    24,434

    Net income for the period

    $         92,854



    $         98,327



    $       407,182



    $       217,010

    Net (income) attributable to non-controlling interests

    (49)



    (42)



    (147)



    (149)

    Net income attributable to OpenText

    $         92,805



    $         98,285



    $       407,035



    $       216,861

    Earnings per share—basic attributable to OpenText

    $              0.35



    $              0.36



    $              1.54



    $              0.80

    Earnings per share—diluted attributable to OpenText

    $              0.35



    $              0.36



    $              1.53



    $              0.80

    Weighted average number of Common Shares outstanding—basic (in '000's)

    262,841



    272,272



    265,132



    271,671

    Weighted average number of Common Shares outstanding—diluted (in '000's)

    263,834



    273,033



    265,610



    272,349

     

    OPEN TEXT CORPORATION

    CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 

    (In thousands of U.S. dollars)

    (unaudited)





    Three Months Ended

    March 31,



    Nine Months Ended

    March 31,



    2025



    2024



    2025



    2024

    Net income for the period

    $         92,854



    $         98,327



    $       407,182



    $       217,010

    Other comprehensive income (loss)—net of tax:















    Net foreign currency translation adjustments

    (1,511)



    11,765



    (5,534)



    (18,614)

    Unrealized gain (loss) on cash flow hedges:















    Unrealized gain (loss)—net of tax (1)

    (46)



    (1,634)



    (3,580)



    (1,953)

    (Gain) loss reclassified into net income—net of tax (2)

    1,371



    118



    2,643



    455

    Unrealized gain (loss) on available-for-sale financial assets:















    Unrealized gain (loss)—net of tax (3)

    (395)



    90



    289



    319

    Actuarial gain (loss) relating to defined benefit pension plans:















    Actuarial gain (loss)—net of tax (4)

    —



    —



    (1,045)



    (110)

    Amortization of actuarial (gain) loss into net income—net of tax (5)

    513



    115



    999



    417

    Total other comprehensive income (loss), net for the period

    (68)



    10,454



    (6,228)



    (19,486)

    Total comprehensive income

    92,786



    108,781



    400,954



    197,524

    Comprehensive income attributable to non-controlling interests

    (49)



    (42)



    (147)



    (149)

    Total comprehensive income attributable to OpenText

    $         92,737



    $       108,739



    $       400,807



    $       197,375

    ______________________________

    (1)

    Net of tax expense (recovery) of $(17) and $(589) for the three months ended March 31, 2025 and 2024, respectively; $(1,291) and $(704) for the nine months ended March 31, 2025 and 2024, respectively.

    (2)

    Net of tax expense (recovery) of $494 and $42 for the three months ended March 31, 2025 and 2024, respectively; $952 and $163 for the nine months ended March 31, 2025 and 2024, respectively.

    (3)

    Net of tax expense (recovery) of $91 and $24 for the three months ended March 31, 2025 and 2024, respectively; $316 and $84 for the nine months ended March 31, 2025 and 2024, respectively.

    (4)

    Net of tax expense (recovery) of $— and $— for the three months ended March 31, 2025 and 2024, respectively; $(43) and $110 for the nine months ended March 31, 2025 and 2024, respectively.

    (5)

    Net of tax expense (recovery) of $83 and $50 for the three months ended March 31, 2025 and 2024, respectively; $267 and $175 for the nine months ended March 31, 2025 and 2024, respectively.

     

    OPEN TEXT CORPORATION

    CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

    (In thousands of U.S. dollars and shares)

    (unaudited)





    Three Months Ended March 31, 2025



    Common Shares and

    Additional Paid in Capital



    Treasury Stock



    Retained

    Earnings



    Accumulated

    Other

    Comprehensive

    Income



    Non-

    Controlling

    Interests



    Total



    Shares



    Amount



    Shares



    Amount



    Balance as of December 31, 2024

    263,728



    $  2,275,583



    (4,226)



    $  (144,432)



    $  2,174,514



    $        (75,779)



    $      1,621



    $  4,231,507

    Issuance of Common Shares































    Under employee stock option plans

    —



    3



    —



    —



    —



    —



    —



    3

    Under employee stock purchase plans

    273



    6,551



    —



    —



    —



    —



    —



    6,551

    Share-based compensation

    —



    23,000



    —



    —



    —



    —



    —



    23,000

    Purchase of treasury stock

    —



    —



    (297)



    (7,564)



    —



    —



    —



    (7,564)

    Issuance of treasury stock

    —



    (73,720)



    2,010



    74,322



    (425)



    —



    —



    177

    Repurchase of Common Shares

    (4,351)



    (31,405)



    —



    —



    (115,412)



    —



    —



    (146,817)

    Dividends declared

    ($0.2625 per Common Share)

    —



    —



    —



    —



    (69,235)



    —



    —



    (69,235)

    Other comprehensive income (loss) - net

    —



    —



    —



    —



    —



    (68)



    —



    (68)

    Net income for the period

    —



    —



    —



    —



    92,805



    —



    49



    92,854

    Balance as of March 31, 2025

    259,650



    $  2,200,012



    (2,513)



    $  (77,674)



    $  2,082,247



    $        (75,847)



    $      1,670



    $  4,130,408





    Three Months Ended March 31, 2024



    Common Shares and

    Additional Paid in Capital



    Treasury Stock



    Retained

    Earnings



    Accumulated

    Other

    Comprehensive

    Income



    Non-

    Controlling

    Interests



    Total



    Shares



    Amount



    Shares



    Amount



    Balance as of December 31, 2023

    271,855



    $  2,261,856



    (4,400)



    $  (179,089)



    $  2,029,643



    $        (83,499)



    $      1,436



    $  4,030,347

    Issuance of Common Shares































    Under employee stock option plans

    517



    17,315



    —



    —



    —



    —



    —



    17,315

    Under employee stock purchase plans

    190



    6,698



    —



    —



    —



    —



    —



    6,698

    Share-based compensation

    —



    35,947



    —



    —



    —



    —



    —



    35,947

    Issuance of treasury stock

    —



    (45,058)



    1,023



    45,483



    (425)



    —



    —



    —

    Dividends declared

    ($0.25 per Common Share)

    —



    —



    —



    —



    (68,443)



    —



    —



    (68,443)

    Other comprehensive income (loss) - net

    —



    —



    —



    —



    —



    10,454



    —



    10,454

    Net income for the period

    —



    —



    —



    —



    98,285



    —



    42



    98,327

    Balance as of March 31, 2024

    272,562



    $  2,276,758



    (3,377)



    $  (133,606)



    $  2,059,060



    $        (73,045)



    $      1,478



    $  4,130,645

     

    OPEN TEXT CORPORATION

    CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

    (In thousands of U.S. dollars and shares)

    (unaudited)





    Nine Months Ended March 31, 2025



    Common Shares and

    Additional Paid in Capital



    Treasury Stock



    Retained

    Earnings



    Accumulated

    Other

    Comprehensive

    Income



    Non-

    Controlling

    Interests



    Total



    Shares



    Amount



    Shares



    Amount



    Balance as of June 30, 2024

    267,801



    $  2,271,886



    (3,136)



    $  (123,268)



    $  2,119,159



    $        (69,619)



    $      1,523



    $  4,199,681

    Issuance of Common Shares































    Under employee stock option plans

    70



    1,883



    —



    —



    —



    —



    —



    1,883

    Under employee stock purchase plans

    992



    25,722



    —



    —



    —



    —



    —



    25,722

    Share-based compensation

    —



    82,801



    —



    —



    —



    —



    —



    82,801

    Purchase of treasury stock

    —



    —



    (2,484)



    (72,587)



    —



    —



    —



    (72,587)

    Issuance of treasury stock

    —



    (115,556)



    3,107



    118,181



    (1,127)



    —



    —



    1,498

    Repurchase of Common Shares

    (9,213)



    (66,724)



    —



    —



    (233,668)



    —



    —



    (300,392)

    Dividends declared

    ($0.7875 per Common Share)

    —



    —



    —



    —



    (209,152)



    —



    —



    (209,152)

    Other comprehensive income (loss) - net

    —



    —



    —



    —



    —



    (6,228)



    —



    (6,228)

    Net income for the period

    —



    —



    —



    —



    407,035



    —



    147



    407,182

    Balance as of March 31, 2025

    259,650



    $  2,200,012



    (2,513)



    $  (77,674)



    $  2,082,247



    $        (75,847)



    $      1,670



    $  4,130,408





    Nine Months Ended March 31, 2024



    Common Shares and

    Additional Paid in Capital



    Treasury Stock



    Retained

    Earnings



    Accumulated

    Other

    Comprehensive

    Income



    Non-

    Controlling

    Interests



    Total



    Shares



    Amount



    Shares



    Amount



    Balance as of June 30, 2023

    270,903



    $  2,176,947



    (3,536)



    $  (151,597)



    $  2,048,984



    $        (53,559)



    $      1,329



    $  4,022,104

    Issuance of Common Shares































    Under employee stock option plans

    942



    31,318



    —



    —



    —



    —



    —



    31,318

    Under employee stock purchase plans

    717



    23,709



    —



    —



    —



    —



    —



    23,709

    Share-based compensation

    —



    112,944



    —



    —



    —



    —



    —



    112,944

    Purchase of treasury stock

    —



    —



    (1,400)



    (53,085)



    —



    —



    —



    (53,085)

    Issuance of treasury stock

    —



    (68,160)



    1,559



    71,076



    (2,916)



    —



    —



    —

    Dividends declared

    ($0.75 per Common Share)

    —



    —



    —



    —



    (203,869)



    —



    —



    (203,869)

    Other comprehensive income (loss) - net

    —



    —



    —



    —



    —



    (19,486)



    —



    (19,486)

    Net income for the period

    —



    —



    —



    —



    216,861



    —



    149



    217,010

    Balance as of March 31, 2024

    272,562



    $  2,276,758



    (3,377)



    $  (133,606)



    $  2,059,060



    $        (73,045)



    $      1,478



    $  4,130,645

     

    OPEN TEXT CORPORATION

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 

    (In thousands of U.S. dollars)

    (unaudited)





    Three Months Ended

    March 31,



    Nine Months Ended

    March 31,



    2025



    2024



    2025



    2024

    Cash flows from operating activities:















    Net income for the period

    $           92,854



    $           98,327



    $         407,182



    $         217,010

    Adjustments to reconcile net income to net cash provided by operating activities:















    Depreciation and amortization of intangible assets

    159,356



    181,044



    480,405



    630,275

    Share-based compensation expense

    23,000



    36,042



    82,919



    113,312

    Pension expense

    3,381



    3,196



    10,194



    9,579

    Amortization of debt discount and issuance costs

    5,539



    6,766



    16,334



    19,587

    Write-off of right of use assets

    46



    4,278



    1,431



    15,241

    Adjustment to gain on AMC Divestiture

    —



    —



    4,175



    —

    Loss on extinguishment of debt

    —



    10,803



    —



    10,803

    Loss on sale and write down of property and equipment, net

    289



    (162)



    728



    1,715

    Deferred taxes

    (38,794)



    (72,144)



    (91,771)



    (249,174)

    Share in net (income) loss of equity investees

    (1,644)



    835



    (3,637)



    19,013

    Changes in derivative instruments

    9,836



    (16,671)



    (10,778)



    3,551

    Changes in operating assets and liabilities:















    Accounts receivable

    70,030



    111,772



    111,909



    51,487

    Contract assets

    (36,155)



    (24,859)



    (96,101)



    (71,486)

    Prepaid expenses and other current assets

    (17,401)



    728



    37,177



    4,717

    Income taxes

    12,578



    16,943



    (184,149)



    75,676

    Accounts payable and accrued liabilities

    46,802



    (24,731)



    (81,308)



    (72,887)

    Deferred revenue

    82,367



    56,840



    10,960



    14,338

    Other assets

    (6,146)



    650



    (7,582)



    5,868

    Operating lease assets and liabilities, net

    (3,697)



    (4,960)



    (15,661)



    (16,154)

    Net cash provided by operating activities

    402,241



    384,697



    672,427



    782,471

    Cash flows from investing activities:















    Additions of property and equipment

    (28,412)



    (36,537)



    (108,997)



    (119,316)

    Purchase of Micro Focus, net of cash acquired

    —



    —



    —



    (9,272)

    Settlement of derivative instruments

    (10,380)



    —



    (10,380)



    —

    Adjustment to proceeds from AMC Divestiture

    —



    —



    (11,686)



    —

    Proceeds from interest on derivative instruments

    2,647



    2,490



    5,166



    4,456

    Other investing activities

    582



    6,315



    6,474



    (468)

    Net cash used in investing activities

    (35,563)



    (27,732)



    (119,423)



    (124,600)

    Cash flows from financing activities:















    Proceeds from issuance of Common Shares from exercise of stock options and ESPP

    8,185



    27,770



    25,925



    57,027

    Repayment of long-term debt and Revolver

    (8,962)



    (186,463)



    (26,888)



    (559,389)

    Net change in transition services agreement obligation

    (37,215)



    —



    (15,277)



    —

    Debt issuance costs

    —



    —



    (1,066)



    (2,792)

    Repurchase of Common Shares

    (114,563)



    —



    (267,969)



    —

    Purchase of treasury stock

    (5,136)



    —



    (70,159)



    (53,085)

    Payments of dividends to shareholders

    (67,961)



    (67,293)



    (205,335)



    (200,672)

    Other financing activities

    —



    (1,447)



    —



    (1,447)

    Net cash used in financing activities

    (225,652)



    (227,433)



    (560,769)



    (760,358)

    Foreign exchange gain (loss) on cash held in foreign currencies

    14,660



    (7,521)



    4,866



    (3,982)

    Increase (decrease) in cash, cash equivalents and restricted cash during the period

    155,686



    122,011



    (2,899)



    (106,469)

    Cash, cash equivalents and restricted cash at beginning of the period

    1,124,208



    1,005,472



    1,282,793



    1,233,952

    Cash, cash equivalents and restricted cash at end of the period

    $      1,279,894



    $      1,127,483



    $      1,279,894



    $      1,127,483

     

    OPEN TEXT CORPORATION

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 

    (In thousands of U.S. dollars)

    (unaudited)



    Reconciliation of cash, cash equivalents and restricted cash:

    March 31, 2025



    March 31, 2024

    Cash and cash equivalents

    $               1,277,950



    $               1,125,323

    Restricted cash (1)

    1,944



    2,160

    Total cash, cash equivalents and restricted cash

    $               1,279,894



    $               1,127,483









    (1) Restricted cash is classified under the Prepaid expenses and other current assets and Other assets line items on the Condensed Consolidated Balance Sheets.

    Notes

    (1)      All dollar amounts in this press release are in U.S. Dollars unless otherwise indicated.

    (2)      Use of Non-GAAP Financial Measures: In addition to reporting financial results in accordance with U.S. GAAP, the Company provides certain financial measures that are not in accordance with U.S. GAAP (Non-GAAP). These Non-GAAP financial measures have certain limitations in that they do not have a standardized meaning and thus the Company's definition may be different from similar Non-GAAP financial measures used by other companies and/or analysts and may differ from period to period. Thus it may be more difficult to compare the Company's financial performance to that of other companies. However, the Company's management compensates for these limitations by providing the relevant disclosure of the items excluded in the calculation of these Non-GAAP financial measures both in its reconciliation to the U.S. GAAP financial measures and its condensed consolidated financial statements, all of which should be considered when evaluating the Company's results.

    The Company uses these Non-GAAP financial measures to supplement the information provided in its condensed consolidated financial statements, which are presented in accordance with U.S. GAAP. The presentation of Non-GAAP financial measures is not meant to be a substitute for financial measures presented in accordance with U.S. GAAP, but rather should be evaluated in conjunction with and as a supplement to such U.S. GAAP measures. OpenText strongly encourages investors to review its financial information in its entirety and not to rely on a single financial measure. The Company therefore believes that despite these limitations, it is appropriate to supplement the disclosure of the U.S. GAAP measures with certain Non-GAAP measures defined below.

    Non-GAAP-based net income and Non-GAAP-based EPS, attributable to OpenText, are consistently calculated as GAAP-based net income (loss) or earnings (loss) per share, attributable to OpenText, on a diluted basis, excluding the effects of the amortization of acquired intangible assets, other income (expense), share-based compensation, and special charges (recoveries), all net of tax and any tax benefits/expense items unrelated to current period income, as further described in the tables below. Non-GAAP-based gross profit is the arithmetical sum of GAAP-based gross profit and the amortization of acquired technology-based intangible assets and share-based compensation within cost of sales. Non-GAAP-based gross margin is calculated as Non-GAAP-based gross profit expressed as a percentage of total revenue. Non-GAAP-based income from operations is calculated as GAAP-based income from operations, excluding the amortization of acquired intangible assets, special charges (recoveries), and share-based compensation expense.

    Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) is consistently calculated as GAAP-based net income (loss), attributable to OpenText, excluding interest income (expense), provision for (recovery of) income taxes, depreciation and amortization of acquired intangible assets, other income (expense), share-based compensation and special charges (recoveries). Adjusted EBITDA margin is calculated as adjusted EBITDA expressed as a percentage of total revenue.

    The Company's management believes that the presentation of the above defined Non-GAAP financial measures provides useful information to investors because they portray the financial results of the Company before the impact of certain non-operational charges. The use of the term "non-operational charge" is defined for this purpose as an expense that does not impact the ongoing operating decisions taken by the Company's management. These items are excluded based upon the way the Company's management evaluates the performance of the Company's business for use in the Company's internal reports and are not excluded in the sense that they may be used under U.S. GAAP.

    The Company does not acquire businesses on a predictable cycle, and therefore believes that the presentation of Non-GAAP measures, which in certain cases adjust for the impact of amortization of intangible assets and the related tax effects that are primarily related to acquisitions, will provide readers of financial statements with a more consistent basis for comparison across accounting periods and be more useful in helping readers understand the Company's operating results and underlying operational trends. Additionally, the Company has engaged in various restructuring activities over the past several years, primarily due to acquisitions and in response to our return to office planning, that have resulted in costs associated with reductions in headcount, consolidation of leased facilities and related costs, all which are recorded under the Company's "Special charges (recoveries)" caption on the Condensed Consolidated Statements of Income. Each restructuring activity is a discrete event based on a unique set of business objectives or circumstances, and each differs in terms of its operational implementation, business impact and scope, and the size of each restructuring plan can vary significantly from period to period. Therefore, the Company believes that the exclusion of these special charges (recoveries) will also better aid readers of financial statements in the understanding and comparability of the Company's operating results and underlying operational trends.

    In summary, the Company believes the provision of supplemental Non-GAAP measures allow investors to evaluate the operational and financial performance of the Company's core business using the same evaluation measures that management uses, and is therefore a useful indication of OpenText's performance or expected performance of future operations and facilitates period-to-period comparison of operating performance (although prior performance is not necessarily indicative of future performance). As a result, the Company considers it appropriate and reasonable to provide, in addition to U.S. GAAP measures, supplementary Non-GAAP financial measures that exclude certain items from the presentation of its financial results. Information reconciling certain forward-looking GAAP measures to non-GAAP measures related to F'25 targets and F'27 aspirations, including A-EBITDA is not available without unreasonable effort due to high variability, complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations.

    The following charts provide unaudited reconciliations of U.S. GAAP-based financial measures to Non-GAAP-based financial measures for the following periods presented. The Micro Focus Acquisition significantly impacts period-over-period comparability.

    Reconciliation of selected GAAP-based measures to Non-GAAP-based measures

    for the three months ended March 31, 2025

    (In thousands, except for per share data)



    Three Months Ended March 31, 2025



    GAAP-based

    Measures

    GAAP-based

    Measures

    % of Total

    Revenue

    Adjustments

    Note

    Non-GAAP-

    based

    Measures

    Non-GAAP-

    based

    Measures

    % of Total

    Revenue

    Cost of revenues













    Cloud services and subscriptions

    $  174,186



    $     (1,846)

    (1)

    $   172,340



    Customer support

    61,733



    (812)

    (1)

    60,921



    Professional service and other

    65,487



    (922)

    (1)

    64,565



    Amortization of acquired technology-based intangible assets

    47,199



    (47,199)

    (2)

    —



    GAAP-based gross profit and gross margin (%) / Non-GAAP-based gross profit and gross margin (%)

    898,254

    71.6 %

    50,779

    (3)

    949,033

    75.7 %

    Operating expenses













    Research and development

    197,333



    (4,737)

    (1)

    192,596



    Sales and marketing

    260,102



    (6,842)

    (1)

    253,260



    General and administrative

    115,718



    (7,841)

    (1)

    107,877



    Amortization of acquired customer-based intangible assets

    79,683



    (79,683)

    (2)

    —



    Special charges (recoveries)

    3,854



    (3,854)

    (4)

    —



    GAAP-based income from operations / Non-GAAP-based income from operations

    209,090



    153,736

    (5)

    362,826



    Other income (expense), net

    (26,578)



    26,578

    (6)

    —



    Provision for income taxes

    10,842



    57,320

    (7)

    68,162



    GAAP-based net income / Non-GAAP-based net income, attributable to OpenText

    92,805



    122,994

    (8)

    215,799



    GAAP-based earnings per share / Non-GAAP-based earnings per share-diluted, attributable to OpenText

    $         0.35



    $         0.47

    (8)

    $         0.82







    (1)

    Adjustment relates to the exclusion of share-based compensation expense from our Non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results.

    (2)

    Adjustment relates to the exclusion of amortization expense from our Non-GAAP-based operating expenses as the timing and frequency of amortization expense is dependent on our acquisitions and is hence excluded from our internal analysis of operating results.

    (3)

    GAAP-based and Non-GAAP-based gross profit stated in dollars and gross margin stated as a percentage of total revenue.

    (4)

    Adjustment relates to the exclusion of special charges (recoveries) from our Non-GAAP-based operating expenses as special charges (recoveries) are generally incurred in the periods relevant to an acquisition and include certain charges or recoveries that are not indicative or related to continuing operations and are therefore excluded from our internal analysis of operating results.

    (5)

    GAAP-based and Non-GAAP-based income from operations stated in dollars.

    (6)

    Adjustment relates to the exclusion of other income (expense) from our Non-GAAP-based operating expenses as other income (expense) generally relates to the transactional impact of foreign exchange and is generally not indicative or related to continuing operations and is therefore excluded from our internal analysis of operating results. Other income (expense) also includes our share of income (losses) from our holdings in investments as a limited partner. We do not actively trade equity securities in these privately held companies nor do we plan our ongoing operations based around any anticipated fundings or distributions from these investments. We exclude gains and losses on these investments as we do not believe they are reflective of our ongoing business and operating results. Other income (expense) also includes unrealized and realized gains (losses) on our derivatives which are not designated as hedges. We exclude gains and losses on these derivatives as we do not believe they are reflective of our ongoing business and operating results.

    (7)

    Adjustment relates to differences between the GAAP-based tax provision rate of approximately 10% and a Non-GAAP-based tax rate of approximately 24% ; these rate differences are due to the income tax effects of items that are excluded for the purpose of calculating Non-GAAP-based net income. Such excluded items include amortization, share-based compensation, special charges (recoveries) and other income (expense), net. Also excluded are tax benefits/expense items unrelated to current period income such as changes in reserves for tax uncertainties and valuation allowance reserves and "book to return" adjustments for tax return filings and tax assessments. Beginning in Fiscal 2025, net tax benefits arising from the internal reorganization that occurred in Fiscal 2017 have been fully utilized and are no longer included. In arriving at our Non-GAAP-based tax rate of approximately 24%, we analyzed the individual adjusted expenses and took into consideration the impact of statutory tax rates from local jurisdictions incurring the expense.

    (8)

    Reconciliation of GAAP-based income to Non-GAAP-based net income:

     



    Three Months Ended March 31, 2025





    Per share diluted

    GAAP-based net income, attributable to OpenText

    $                     92,805

    $                          0.35

    Add (deduct):





    Amortization

    126,882

    0.49

    Share-based compensation

    23,000

    0.09

    Special charges (recoveries)

    3,854

    0.01

    Other (income) expense, net

    26,578

    0.10

    GAAP-based provision for income taxes

    10,842

    0.04

    Non-GAAP-based provision for income taxes

    (68,162)

    (0.26)

    Non-GAAP-based net income, attributable to OpenText

    $                   215,799

    $                          0.82

     

    Reconciliation of Adjusted EBITDA





    Three Months Ended March 31, 2025

    GAAP-based net income, attributable to OpenText

    $                                                          92,805

    Add:



    Provision for income taxes

    10,842

    Interest and other related expense, net

    78,816

    Amortization of acquired technology-based intangible assets

    47,199

    Amortization of acquired customer-based intangible assets

    79,683

    Depreciation

    32,474

    Share-based compensation

    23,000

    Special charges (recoveries)

    3,854

    Other (income) expense, net

    26,578

    Adjusted EBITDA

    $                                                       395,251





    GAAP-based net income margin

    7.4 %

    Adjusted EBITDA margin

    31.5 %

     

    Reconciliation of Free cash flows





    Three Months Ended March 31, 2025

    GAAP-based cash flows provided by operating activities

    $                                                         402,241

    Add:



    Capital expenditures (1)

    $                                                         (28,412)

    Free cash flows

    $                                                         373,829





    (1) Defined as "Additions of property and equipment" in the Condensed Consolidated Statements of Cash Flows.

     

    Reconciliation of selected GAAP-based measures to Non-GAAP-based measures

    for the nine months ended March 31, 2025

    (In thousands, except for per share data)



    Nine Months Ended March 31, 2025



    GAAP-based

    Measures

    GAAP-based

    Measures

    % of Total

    Revenue

    Adjustments

    Note

    Non-GAAP-

    based

    Measures

    Non-GAAP-

    based

    Measures

    % of Total

    Revenue

    Cost of revenues













    Cloud services and subscriptions

    $   521,731



    $     (6,828)

    (1)

    $   514,903



    Customer support

    186,963



    (3,293)

    (1)

    183,670



    Professional service and other

    200,443



    (3,509)

    (1)

    196,934



    Amortization of acquired technology-based intangible assets

    141,646



    (141,646)

    (2)

    —



    GAAP-based gross profit and gross margin (%) / Non-GAAP-based gross profit and gross margin (%)

    2,786,588

    72.2 %

    155,276

    (3)

    2,941,864

    76.3 %

    Operating expenses













    Research and development

    568,753



    (20,560)

    (1)

    548,193



    Sales and marketing

    779,913



    (27,380)

    (1)

    752,533



    General and administrative

    321,804



    (21,349)

    (1)

    300,455



    Amortization of acquired customer-based intangible assets

    242,235



    (242,235)

    (2)

    —



    Special charges (recoveries)

    66,228



    (66,228)

    (4)

    —



    GAAP-based income from operations / Non-GAAP-based income from operations

    711,131



    533,028

    (5)

    1,244,159



    Other income (expense), net

    6,382



    (6,382)

    (6)

    —



    Provision for income taxes

    63,618



    175,768

    (7)

    239,386



    GAAP-based net income / Non-GAAP-based net income, attributable to OpenText

    407,035



    350,878

    (8)

    757,913



    GAAP-based earnings per share / Non-GAAP-based earnings per share-diluted, attributable to OpenText

    $         1.53



    $         1.32

    (8)

    $         2.85







    (1)

    Adjustment relates to the exclusion of share-based compensation expense from our Non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results.

    (2)

    Adjustment relates to the exclusion of amortization expense from our Non-GAAP-based operating expenses as the timing and frequency of amortization expense is dependent on our acquisitions and is hence excluded from our internal analysis of operating results.

    (3)

    GAAP-based and Non-GAAP-based gross profit stated in dollars and gross margin stated as a percentage of total revenue.

    (4)

    Adjustment relates to the exclusion of special charges (recoveries) from our Non-GAAP-based operating expenses as special charges (recoveries) are generally incurred in the periods relevant to an acquisition and include certain charges or recoveries that are not indicative or related to continuing operations and are therefore excluded from our internal analysis of operating results.

    (5)

    GAAP-based and Non-GAAP-based income from operations stated in dollars.

    (6)

    Adjustment relates to the exclusion of other income (expense) from our Non-GAAP-based operating expenses as other income (expense) generally relates to the transactional impact of foreign exchange and is generally not indicative or related to continuing operations and is therefore excluded from our internal analysis of operating results. Other income (expense) also includes our share of income (losses) from our holdings in investments as a limited partner. We do not actively trade equity securities in these privately held companies nor do we plan our ongoing operations based around any anticipated fundings or distributions from these investments. We exclude gains and losses on these investments as we do not believe they are reflective of our ongoing business and operating results. Other income (expense) also includes unrealized and realized gains (losses) on our derivatives which are not designated as hedges. We exclude gains and losses on these derivatives as we do not believe they are reflective of our ongoing business and operating results. 

    (7)

    Adjustment relates to differences between the GAAP-based tax provision rate of approximately 14% and a Non-GAAP-based tax rate of approximately 24%; these rate differences are due to the income tax effects of items that are excluded for the purpose of calculating Non-GAAP-based net income. Such excluded items include amortization, share-based compensation, special charges (recoveries) and other income (expense), net. Also excluded are tax benefits/expense items unrelated to current period income such as changes in reserves for tax uncertainties and valuation allowance reserves and "book to return" adjustments for tax return filings and tax assessments. Beginning in Fiscal 2025, net tax benefits arising from the internal reorganization that occurred in Fiscal 2017 have been fully utilized and are no longer included. In arriving at our Non-GAAP-based tax rate of approximately 24%, we analyzed the individual adjusted expenses and took into consideration the impact of statutory tax rates from local jurisdictions incurring the expense.

    (8)

    Reconciliation of GAAP-based net income to Non-GAAP-based net income:

     



    Nine Months Ended March 31, 2025





    Per share diluted

    GAAP-based net income, attributable to OpenText

    $                   407,035

    $                          1.53

    Add (deduct):





    Amortization

    383,881

    1.44

    Share-based compensation

    82,919

    0.31

    Special charges (recoveries)

    66,228

    0.25

    Other (income) expense, net

    (6,382)

    (0.02)

    GAAP-based provision for income taxes

    63,618

    0.24

    Non-GAAP-based provision for income taxes

    (239,386)

    (0.90)

    Non-GAAP-based net income, attributable to OpenText

    $                   757,913

    $                          2.85

     

    Reconciliation of Adjusted EBITDA





    Nine Months Ended March 31, 2025



    GAAP-based net income, attributable to OpenText

    $                                                       407,035



    Add:





    Provision for income taxes

    63,618



    Interest and other related expense, net

    246,713



    Amortization of acquired technology-based intangible assets

    141,646



    Amortization of acquired customer-based intangible assets

    242,235



    Depreciation

    96,524



    Share-based compensation

    82,919



    Special charges (recoveries)

    66,228



    Other (income) expense, net

    (6,382)



    Adjusted EBITDA

    $                                                    1,340,536









    GAAP-based net income margin

    10.6 %



    Adjusted EBITDA margin

    34.7 %



     

    Reconciliation of Free cash flows





    Nine Months Ended March 31, 2025

    GAAP-based cash flows provided by operating activities

    $                                                         672,427

    Add:



    Capital expenditures (1)

    (108,997)

    Free cash flows

    $                                                         563,430





    (1) Defined as "Additions of property and equipment" in the Condensed Consolidated Statements of Cash Flows.

     

    Reconciliation of selected GAAP-based measures to Non-GAAP-based measures

    for the three months ended December 31, 2024

    (In thousands, except for per share data)



    Three Months Ended December 31, 2024



    GAAP-based

    Measures

    GAAP-based

    Measures 

    % of Total

    Revenue

    Adjustments

    Note

    Non-GAAP-

    based

    Measures

    Non-GAAP-

    based

    Measures 

    % of Total

    Revenue

    Cost of revenues













    Cloud services and subscriptions

    $   172,288



    $     (2,796)

    (1)

    $   169,492



    Customer support

    62,656



    (1,139)

    (1)

    61,517



    Professional service and other

    68,041



    (1,273)

    (1)

    66,768



    Amortization of acquired technology-based intangible assets

    47,203



    (47,203)

    (2)

    —



    GAAP-based gross profit and gross margin (%) /Non-GAAP-based gross profit and gross margin (%)

    977,976

    73.3 %

    52,411

    (3)

    1,030,387

    77.2 %

    Operating expenses













    Research and development

    180,727



    (7,656)

    (1)

    173,071



    Sales and marketing

    273,929



    (11,223)

    (1)

    262,706



    General and administrative

    99,356



    (6,274)

    (1)

    93,082



    Amortization of acquired customer-based intangible assets

    81,048



    (81,048)

    (2)

    —



    Special charges (recoveries)

    15,238



    (15,238)

    (4)

    —



    GAAP-based income from operations / Non-GAAP-based income from operations

    295,799



    173,850

    (5)

    469,649



    Other income (expense), net

    68,615



    (68,615)

    (6)

    —



    Provision for income taxes

    50,893



    41,755

    (7)

    92,648



    GAAP-based net income / Non-GAAP-based net income, attributable to OpenText

    229,862



    63,480

    (8)

    293,342



    GAAP-based earnings per share / Non-GAAP-based earnings per share-diluted, attributable to OpenText

    $         0.87



    $         0.24

    (8)

    $         1.11







    (1)

    Adjustment relates to the exclusion of share-based compensation expense from our Non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results.

    (2)

    Adjustment relates to the exclusion of amortization expense from our Non-GAAP-based operating expenses as the timing and frequency of amortization expense is dependent on our acquisitions and is hence excluded from our internal analysis of operating results.

    (3)

    GAAP-based and Non-GAAP-based gross profit stated in dollars and gross margin stated as a percentage of total revenue.

    (4)

    Adjustment relates to the exclusion of special charges (recoveries) from our Non-GAAP-based operating expenses as special charges (recoveries) are generally incurred in the periods relevant to an acquisition and include certain charges or recoveries that are not indicative or related to continuing operations and are therefore excluded from our internal analysis of operating results.

    (5)

    GAAP-based and Non-GAAP-based income from operations stated in dollars.

    (6)

    Adjustment relates to the exclusion of other income (expense) from our Non-GAAP-based operating expenses as other income (expense) generally relates to the transactional impact of foreign exchange and is generally not indicative or related to continuing operations and is therefore excluded from our internal analysis of operating results. Other income (expense) also includes our share of income (losses) from our holdings in investments as a limited partner. We do not actively trade equity securities in these privately held companies nor do we plan our ongoing operations based around any anticipated fundings or distributions from these investments. We exclude gains and losses on these investments as we do not believe they are reflective of our ongoing business and operating results. Other income (expense) also includes unrealized and realized gains (losses) on our derivatives which are not designated as hedges. We exclude gains and losses on these derivatives as we do not believe they are reflective of our ongoing business and operating results.

    (7)

    Adjustment relates to differences between the GAAP-based tax provision rate of approximately 18% and a Non-GAAP-based tax rate of approximately 24%; these rate differences are due to the income tax effects of items that are excluded for the purpose of calculating Non-GAAP-based net income. Such excluded items include amortization, share-based compensation, special charges (recoveries) and other income (expense), net. Also excluded are tax benefits/expense items unrelated to current period income such as changes in reserves for tax uncertainties and valuation allowance reserves and "book to return" adjustments for tax return filings and tax assessments. Beginning in Fiscal 2025, net tax benefits arising from the internal reorganization that occurred in Fiscal 2017 have been fully utilized and are no longer included. In arriving at our Non-GAAP-based tax rate of approximately 24%, we analyzed the individual adjusted expenses and took into consideration the impact of statutory tax rates from local jurisdictions incurring the expense.

    (8)

    Reconciliation of GAAP-based net income to Non-GAAP-based net income:

     



    Three Months Ended December 31, 2024





    Per share diluted

    GAAP-based net income, attributable to OpenText

    $                   229,862

    $                          0.87

    Add (deduct):





    Amortization

    128,251

    0.49

    Share-based compensation

    30,361

    0.11

    Special charges (recoveries)

    15,238

    0.06

    Other (income) expense, net

    (68,615)

    (0.26)

    GAAP-based provision for income taxes

    50,893

    0.19

    Non-GAAP-based provision for income taxes

    (92,648)

    (0.35)

    Non-GAAP-based net income, attributable to OpenText

    $                   293,342

    $                          1.11

     

    Reconciliation of Adjusted EBITDA





    Three Months Ended December 31, 2024

    GAAP-based net income, attributable to OpenText

    $                                                     229,862

    Add (deduct):



    Provision for income taxes

    50,893

    Interest and other related expense, net

    83,615

    Amortization of acquired technology-based intangible assets

    47,203

    Amortization of acquired customer-based intangible assets

    81,048

    Depreciation

    31,879

    Share-based compensation

    30,361

    Special charges (recoveries)

    15,238

    Other (income) expense, net

    (68,615)

    Adjusted EBITDA

    $                                                     501,484





    GAAP-based net income margin

    17.2 %

    Adjusted EBITDA margin

    37.6 %

     

    Reconciliation of Free cash flows





    Three Months Ended December 31, 2024

    GAAP-based cash flows provided by operating activities

    $                                                         347,992

    Add:



    Capital expenditures (1)

    (41,269)

    Free cash flows

    $                                                         306,723





    (1) Defined as "Additions of property and equipment" in the Condensed Consolidated Statements of Cash Flows.

     

    Reconciliation of selected GAAP-based measures to Non-GAAP-based measures

    for the three months ended March 31, 2024

    (In thousands, except for per share data)



    Three Months Ended March 31, 2024



    GAAP-based

    Measures

    GAAP-based

    Measures

    % of Total

    Revenue

    Adjustments

    Note

    Non-GAAP-

    based

    Measures

    Non-GAAP-

    based

    Measures

    % of Total

    Revenue

    Cost of revenues













    Cloud services and subscriptions

    $   186,400



    $     (3,292)

    (1)

    $   183,108



    Customer support

    74,639



    (1,149)

    (1)

    73,490



    Professional service and other

    75,455



    (1,458)

    (1)

    73,997



    Amortization of acquired technology-based intangible assets

    48,094



    (48,094)

    (2)

    —



    GAAP-based gross profit and gross margin (%) /Non-GAAP-based gross profit and gross margin (%)

    1,055,774

    73.0 %

    53,993

    (3)

    1,109,767

    76.7 %

    Operating expenses













    Research and development

    226,521



    (10,799)

    (1)

    215,722



    Sales and marketing

    303,750



    (12,260)

    (1)

    291,490



    General and administrative

    145,924



    (7,084)

    (1)

    138,840



    Amortization of acquired customer-based intangible assets

    100,841



    (100,841)

    (2)

    —



    Special charges (recoveries)

    19,561



    (19,561)

    (4)

    —



    GAAP-based income from operations / Non-GAAP-based income from operations

    227,068



    204,538

    (5)

    431,606



    Other income (expense), net

    9,950



    (9,950)

    (6)

    —



    Provision for income taxes

    6,028



    35,824

    (7)

    41,852



    GAAP-based net income / Non-GAAP-based net income, attributable to OpenText

    98,285



    158,764

    (8)

    257,049



    GAAP-based earnings per share / Non-GAAP-based earnings per share-diluted, attributable to OpenText

    $         0.36



    $         0.58

    (8)

    $         0.94







    (1)

    Adjustment relates to the exclusion of share-based compensation expense from our Non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results.

    (2)

    Adjustment relates to the exclusion of amortization expense from our Non-GAAP-based operating expenses as the timing and frequency of amortization expense is dependent on our acquisitions and is hence excluded from our internal analysis of operating results.

    (3)

    GAAP-based and Non-GAAP-based gross profit stated in dollars and gross margin stated as a percentage of total revenue.

    (4)

    Adjustment relates to the exclusion of special charges (recoveries) from our Non-GAAP-based operating expenses as special charges (recoveries) are generally incurred in the periods relevant to an acquisition and include certain charges or recoveries that are not indicative or related to continuing operations and are therefore excluded from our internal analysis of operating results.

    (5)

    GAAP-based and Non-GAAP-based income from operations stated in dollars.

    (6)

    Adjustment relates to the exclusion of other income (expense) from our Non-GAAP-based operating expenses as other income (expense) generally relates to the transactional impact of foreign exchange and is generally not indicative or related to continuing operations and is therefore excluded from our internal analysis of operating results. Other income (expense) also includes our share of income (losses) from our holdings in investments as a limited partner. We do not actively trade equity securities in these privately held companies nor do we plan our ongoing operations based around any anticipated fundings or distributions from these investments. We exclude gains and losses on these investments as we do not believe they are reflective of our ongoing business and operating results. Other income (expense) also includes unrealized and realized gains (losses) on our derivatives which are not designated as hedges. We exclude gains and losses on these derivatives as we do not believe they are reflective of our ongoing business and operating results.

    (7)

    Adjustment relates to differences between the GAAP-based tax provision rate of approximately 6% and a Non-GAAP-based tax rate of approximately 14%; these rate differences are due to the income tax effects of items that are excluded for the purpose of calculating Non-GAAP-based net income. Such excluded items include amortization, share-based compensation, special charges (recoveries) and other income (expense), net. Also excluded are tax benefits/expense items unrelated to current period income such as changes in reserves for tax uncertainties and valuation allowance reserves and "book to return" adjustments for tax return filings and tax assessments. Included is the amount of net tax benefits arising from the internal reorganization that occurred in Fiscal 2017 assumed to be allocable to the current period based on the forecasted utilization period. In arriving at our Non-GAAP-based tax rate of approximately 14%, we analyzed the individual adjusted expenses and took into consideration the impact of statutory tax rates from local jurisdictions incurring the expense.

    (8)

    Reconciliation of GAAP-based net income to Non-GAAP-based net income:

     



    Three Months Ended March 31, 2024





    Per share diluted

    GAAP-based net income, attributable to OpenText

    $                     98,285

    $                          0.36

    Add (deduct):





    Amortization

    148,935

    0.55

    Share-based compensation

    36,042

    0.13

    Special charges (recoveries)

    19,561

    0.07

    Other (income) expense, net

    (9,950)

    (0.04)

    GAAP-based provision for income taxes

    6,028

    0.02

    Non-GAAP-based provision for income taxes

    (41,852)

    (0.15)

    Non-GAAP-based net income, attributable to OpenText

    $                   257,049

    $                          0.94

     

    Reconciliation of Adjusted EBITDA





    Three Months Ended March 31, 2024

    GAAP-based net income, attributable to OpenText

    $                                                       98,285

    Add (deduct):



    Provision for income taxes

    6,028

    Interest and other related expense, net

    132,663

    Amortization of acquired technology-based intangible assets

    48,094

    Amortization of acquired customer-based intangible assets

    100,841

    Depreciation

    32,109

    Share-based compensation

    36,042

    Special charges (recoveries)

    19,561

    Other (income) expense, net

    (9,950)

    Adjusted EBITDA

    $                                                     463,673





    GAAP-based net income margin

    6.8 %

    Adjusted EBITDA margin

    32.0 %

     

    Reconciliation of Free cash flows





    Three Months Ended March 31, 2024

    GAAP-based cash flows provided by operating activities

    $                                                         384,697

    Add:



    Capital expenditures (1)

    (36,537)

    Free cash flows

    $                                                         348,160





    (1) Defined as "Additions of property and equipment" in the Condensed Consolidated Statements of Cash Flows.

     

    Reconciliation of selected GAAP-based measures to Non-GAAP-based measures

    for the nine months ended March 31, 2024

    (In thousands, except for per share data)



    Nine Months Ended March 31, 2024



    GAAP-based

    Measures

    GAAP-based

    Measures

    % of Total

    Revenue

    Adjustments

    Note

    Non-GAAP-

    based

    Measures

    Non-GAAP-

    based

    Measures

    % of Total

    Revenue

    Cost of revenues













    Cloud services and subscriptions

    $   537,960



    $     (9,892)

    (1)

    $   528,068



    Customer support

    223,027



    (3,335)

    (1)

    219,692



    Professional service and other

    230,836



    (5,096)

    (1)

    225,740



    Amortization of acquired technology-based intangible assets

    195,702



    (195,702)

    (2)

    —



    GAAP-based gross profit and gross margin (%) / Non-GAAP-based gross profit and gross margin (%)

    3,203,312

    72.7 %

    214,025

    (3)

    3,417,337

    77.5 %

    Operating expenses













    Research and development

    665,608



    (35,300)

    (1)

    630,307



    Sales and marketing

    871,384



    (37,294)

    (1)

    834,091



    General and administrative

    450,399



    (22,395)

    (1)

    428,004



    Amortization of acquired customer-based intangible assets

    334,958



    (334,958)

    (2)

    —



    Special charges (recoveries)

    87,521



    (87,521)

    (4)

    —



    GAAP-based income from operations / Non-GAAP-based income from operations

    693,827



    731,493

    (5)

    1,425,320



    Other income (expense), net

    (38,664)



    38,664

    (6)

    —



    Provision for income taxes

    24,434



    117,191

    (7)

    141,625



    GAAP-based net income / Non-GAAP-based net income, attributable to OpenText

    216,861



    652,966

    (8)

    869,827



    GAAP-based earnings per share / Non-GAAP-based earnings per share-diluted, attributable to OpenText

    $         0.80



    $         2.39

    (8)

    $         3.19







    (1)

    Adjustment relates to the exclusion of share-based compensation expense from our Non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results.

    (2)

    Adjustment relates to the exclusion of amortization expense from our Non-GAAP-based operating expenses as the timing and frequency of amortization expense is dependent on our acquisitions and is hence excluded from our internal analysis of operating results.

    (3)

    GAAP-based and Non-GAAP-based gross profit stated in dollars and gross margin stated as a percentage of total revenue.

    (4)

    Adjustment relates to the exclusion of special charges (recoveries) from our Non-GAAP-based operating expenses as special charges (recoveries) are generally incurred in the periods relevant to an acquisition and include certain charges or recoveries that are not indicative or related to continuing operations and are therefore excluded from our internal analysis of operating results.

    (5)

    GAAP-based and Non-GAAP-based income from operations stated in dollars.

    (6)

    Adjustment relates to the exclusion of other income (expense) from our Non-GAAP-based operating expenses as other income (expense) generally relates to the transactional impact of foreign exchange and is generally not indicative or related to continuing operations and is therefore excluded from our internal analysis of operating results. Other income (expense) also includes our share of income (losses) from our holdings in investments as a limited partner. We do not actively trade equity securities in these privately held companies nor do we plan our ongoing operations based around any anticipated fundings or distributions from these investments. We exclude gains and losses on these investments as we do not believe they are reflective of our ongoing business and operating results. Other income (expense) also includes unrealized and realized gains (losses) on our derivatives which are not designated as hedges. We exclude gains and losses on these derivatives as we do not believe they are reflective of our ongoing business and operating results.

    (7)

    Adjustment relates to differences between the GAAP-based tax provision rate of approximately 10% and a Non-GAAP-based tax rate of approximately 14%; these rate differences are due to the income tax effects of items that are excluded for the purpose of calculating Non-GAAP-based net income. Such excluded items include amortization, share-based compensation, special charges (recoveries) and other income (expense), net. Also excluded are tax benefits/expense items unrelated to current period income such as changes in reserves for tax uncertainties and valuation allowance reserves and "book to return" adjustments for tax return filings and tax assessments. Included is the amount of net tax benefits arising from the internal reorganization that occurred in Fiscal 2017 assumed to be allocable to the current period based on the forecasted utilization period. In arriving at our Non-GAAP-based tax rate of approximately 14%, we analyzed the individual adjusted expenses and took into consideration the impact of statutory tax rates from local jurisdictions incurring the expense.

    (8)

    Reconciliation of GAAP-based net income to Non-GAAP-based net income:

     



    Nine Months Ended March 31, 2024





    Per share diluted

    GAAP-based net income, attributable to OpenText

    $                   216,861

    $                          0.80

    Add (deduct):





    Amortization

    530,660

    1.95

    Share-based compensation

    113,312

    0.42

    Special charges (recoveries)

    87,521

    0.32

    Other (income) expense, net

    38,664

    0.13

    GAAP-based provision for income taxes

    24,434

    0.09

    Non-GAAP-based provision for income taxes

    (141,625)

    (0.52)

    Non-GAAP-based net income, attributable to OpenText

    $                   869,827

    $                          3.19

     

    Reconciliation of Adjusted EBITDA





    Nine Months Ended March 31, 2024

    GAAP-based net income, attributable to OpenText

    $                                                     216,861

    Add:



    Provision for income taxes

    24,434

    Interest and other related expense, net

    413,719

    Amortization of acquired technology-based intangible assets

    195,702

    Amortization of acquired customer-based intangible assets

    334,958

    Depreciation

    99,615

    Share-based compensation

    113,312

    Special charges (recoveries)

    87,521

    Other (income) expense, net

    38,664

    Adjusted EBITDA

    $                                                  1,524,786





    GAAP-based net income margin

    4.9 %

    Adjusted EBITDA margin

    34.6 %

     

    Reconciliation of Free cash flows





    Nine Months Ended March 31, 2024

    GAAP-based cash flows provided by operating activities

    $                                                         782,471

    Add:



    Capital expenditures (1)

    (119,316)

    Free cash flows

    $                                                         663,155





    (1) Defined as "Additions of property and equipment" in the Condensed Consolidated Statements of Cash Flows.

     

    (3)

    The following tables provide a composition of our major currencies for revenue and expenses, expressed as a percentage, for the three and nine months ended March 31, 2025 and 2024:



    Three Months Ended March 31, 2025



    Three Months Ended March 31, 2024

    Currencies

    % of Revenue

    % of Expenses(1)



    % of Revenue

    % of Expenses(1)

    EURO

    23 %

    12 %



    22 %

    12 %

    GBP

    5 %

    6 %



    5 %

    7 %

    CAD

    3 %

    11 %



    3 %

    10 %

    USD

    58 %

    48 %



    59 %

    50 %

    Other

    11 %

    23 %



    11 %

    21 %

    Total

    100 %

    100 %



    100 %

    100 %

     



    Nine Months Ended March 31, 2025



    Nine Months Ended March 31, 2024

    Currencies

    % of Revenue

    % of Expenses(1)



    % of Revenue

    % of Expenses(1)

    EURO

    23 %

    12 %



    22 %

    12 %

    GBP

    5 %

    6 %



    5 %

    7 %

    CAD

    3 %

    11 %



    3 %

    10 %

    USD

    58 %

    48 %



    59 %

    51 %

    Other

    11 %

    23 %



    11 %

    20 %

    Total

    100 %

    100 %



    100 %

    100 %





    (1)

    Expenses include all cost of revenues and operating expenses included within the Condensed Consolidated Statements of Income, except for amortization of intangible assets, share-based compensation and special charges (recoveries).

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/opentext-reports-third-quarter-fiscal-year-2025-financial-results-302443218.html

    SOURCE Open Text Corporation

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