Summary of YTD Results

(in millions except per share data)

FY18 YTD

FY17 YTD

$ Change

% Change

(Y/Y)

FY18 YTD in
CC*

% Change
in CC*

Revenues:

Cloud services and subscriptions

$402.0

$344.7

$57.2

16.6

%

$402.0

16.6

%

Customer support

603.5

429.9

173.6

40.4

%

593.5

38.1

%

Total annual recurring revenues**

$1,005.4

$774.6

$230.8

29.8

%

$995.4

28.5

%

License

213.5

158.4

55.1

34.8

%

207.8

31.2

%

Professional service and other

156.2

101.3

54.8

54.1

%

152.5

50.5

%

Total revenues

$1,375.1

$1,034.4

$340.7

32.9

%

$1,355.7

31.1

%

GAAP-based operating income

$253.7

$181.2

$72.5

40.0

%

Non-GAAP-based operating income ₍₁₎

$469.0

$335.9

$133.1

39.6

%

$460.9

37.2

%

GAAP-based operating margin

18.5

%

17.5

%

n/a

100

bps

Non-GAAP-based operating margin ₍₁₎

34.1

%

32.5

%

n/a

160

bps

34.0

%

150

bps

GAAP-based EPS, diluted ₍₂₎

$0.46

$3.89

($3.43)

(88.2)

%

Non-GAAP-based EPS, diluted ₍₁₎₍₃₎

$1.30

$0.97

$0.33

34.0

%

$1.27

30.9

%

GAAP-based net income attributable to OpenText ₍₂₎

$121.7

$957.9

($836.2)

(87.3)

%

Adjusted EBITDA ₍₁₎

$510.1

$366.4

$143.6

39.2

%

Operating cash flows

$233.7

$180.5

$53.3

29.5

%

⁽¹⁾

Please see note 2 "Use of Non-GAAP Financial Measures" below

⁽²⁾

Recorded a significant tax benefit in Q1 FY17 of $876.1 million. This significant tax benefit is specifically tied to the Company's internal reorganization and applied to Q1 FY17 only and as a result does not continue in future periods.

⁽³⁾

Please also see note 14 to the Company's Condensed Consolidated Financial Statements on Form 10-Q. 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.

Note:

Individual line items in tables may be adjusted by non-material amounts to enable totals to align to published financial statements.

*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.