Open Text Corporation announced today its financial results for the fourth quarter and fiscal year ended June 30, 2014, and the appointment of John Doolittle as Chief Financial Officer.
Financial Highlights for Q4 FY14 (1)
- Total revenue was $494.0 million, up 42% Y/Y
- License revenue was $99.7 million, up 27% Y/Y
- Cloud services revenue was $148.9 million, up 255% Y/Y
- Customer support revenue was $183.9 million, up 12% Y/Y
- Non-GAAP-based EPS, diluted was $1.05 compared to $0.72 Y/Y, up 48%; GAAP-based EPS, diluted was $0.72 compared to $0.36 Y/Y up 100%, on a post stock-split basis.(2)
- Non-GAAP-based income from operations was $162.2 million and 33% of revenues up 58% Y/Y; GAAP-based income from operations was $107.7 million and 22% of revenues, up 118% Y/Y.(2)
- Operating cash flow was $134.9 million, up 107%Y/Y, with an ending cash balance of $427.9 million.
Financial Highlights for FY14 (1)
- Total revenue for the period was $1,624.7 million, up 19% Y/Y
- License revenue was $309.2 million, up 11% Y/Y
- Cloud services revenue was $361.1 million, up 108% Y/Y
- Customer support revenue was $707.0 million, up 7% Y/Y
- Non-GAAP-based EPS, diluted was $3.37 compared to $2.79 Y/Y, up 21%; GAAP-based EPS, diluted was $1.81 compared to $1.26 Y/Y up 44%, on a post stock-split basis.(2)
- Non-GAAP-based income from operations was $502.7 million and 31% of revenues, up 26% Y/Y; GAAP-based income from operations was $300.5 million and 18% of revenues, up 52% Y/Y.(2)
- Operating cash flow was $417.1 million, up 31%Y/Y, with an ending cash balance of $427.9 million.
"Our focus on Enterprise Information Management is well aligned to the strategic priorities of our customers. We delivered record quarterly and full fiscal year results, including full fiscal year total revenues of $1.625 billion, up 19%, license of $309 million, up 11%, and operating cash flows of $417 million, up 31% year over year," said Mark J. Barrenechea OpenText CEO. "For Fiscal 2015, we are committed to unlocking further value, growth and leadership for our customers, partners and shareholders through focused execution utilizing our Intelligent Growth Business System (OTIGS)."
Appoints John Doolittle as Chief Financial Officer
Mr. Doolittle is a senior executive with more than 20 years of financial experience, including most recently as Chief Financial Officer (CFO) of Mattamy Homes Limited, Canada's largest new home builder, and with Nortel Networks Corporation, where he held senior global finance roles.
"John brings tremendous experience as a seasoned global executive," said Mark J. Barrenechea OpenText CEO. "He has the breadth of financial skills, experience and leadership to take our finance organization and our company to the next level of scale, efficiency and growth."
Commenting on his appointment, Mr. Doolittle said, "OpenText's strategy of Enterprise Information Management is placing OpenText in a winning market position. I look forward to joining Mark's world-class executive team and contributing to the company's exciting next phase of growth and execution."
Effective September 8, 2014, Mr. Doolittle will replace Paul McFeeters who previously announced his intention to retire from his position as CFO by no later than September 30, 2014. Mr. Doolittle will work with Mr. McFeeters to ensure a seamless transition of financial leadership responsibilities.
Barrenechea further added, "I would like to take this opportunity again to thank Paul McFeeters. Paul has served as our CFO for 8 years, his career spans nearly 40 years and I thank him for his extraordinary service to the company. John and Paul will work together to ensure a textbook transition."
To view an unabridged version of this press release, visit: http://investors.opentext.com/releasedetail.cfm?ReleaseID=863086
