Madhu Ranganathan to Join OpenText as CFO; John Doolittle to Complete Four Successful Years
OpenText also announced today that Madhu Ranganathan, CFO at [24]7.ai ( www.247.ai), a leading company for AI and Customer Experience Software, will join OpenText as EVP and CFO, effective April 2, 2018. John Doolittle will continue as CFO until April 2, 2018, and will remain with the Company until September 2018, ensuring a successful transition.
"I am very pleased to welcome Madhu Ranganathan to OpenText, a Silicon Valley veteran and a highly experienced global finance executive. Madhu brings over 25 years of strategic and financial leadership experience with deep operational focus in software, hardware & tech-enabled services businesses," said Mark J. Barrenechea, OpenText Vice Chairman, CEO and CTO.
Madhu Ranganathan, formerly with PriceWaterhouse LLP, holds an MBA in Finance from the University of Massachusetts, is a Certified Public Accountant and a Chartered Accountant (India).
"I would like to thank John for his four years of great service to OpenText, and recognize his commitment to a significant transition period. I wish him all the best in his continued journey," added Mark J. Barrenechea.
"After four successful years, I have accomplished the objectives Mark and I initially set out," said John Doolittle, EVP & CFO of OpenText. "I will work closely with Mark, Madhu and the senior management team to ensure a successful transition."
OpenText Quarterly Business Highlights
- OpenText added to S&P/TSX 60 Index
- 30 customer transactions over $1 million, 14 OpenText Cloud and 16 on-premise
- Financial, Consumer Goods, Services, Technology and Public Sector industries saw the most demand in cloud and license
- Customer wins in the quarter included Tata Consultancy Services, Canon Electronics, WTC Captive Insurance Company, gkv informatik, TAFE Queensland, Peabody, Pandora Media, Helaba Invest, Air France-KLM, ConvaTec, County of Los Angeles, OCHIN, Zurn, US WorldMeds, Syngene, Adif, Informática del Ayuntamiento de Madrid, Transports Metropolitans de Barcelona, OILES Corporation, FreightVerify, Nifco Inc.,Campari Group, Froneri International, Malakoff Médéric, MetaSource, Opel Automobile GmbH, Broadcom Limited, Zodiac Aerospace, A1 and Elcom
- OpenText expands operations in India and announces on-going investment in people, infrastructure and customers
Dividend Program Highlights
Cash Dividend
As part of our quarterly, non-cumulative cash dividend program, the Board declared on January 30, 2018 a cash dividend of $0.132 per common share. The record date for this dividend is March 2, 2018 and the payment date is March 23, 2018. Future declarations of dividends and the establishment of future record and payment dates are subject to the final determination and discretion of the Board of Directors.
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Summary of Quarterly Results |
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Q2 FY18 |
Q1 FY18 |
Q2 FY17 |
% Change (Q2 FY18 vs
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% Change (Q2 FY18 vs
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Revenue (million) |
$734.4 |
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$640.7 |
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$542.7 |
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14.6 |
% |
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35.3 |
% |
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GAAP-based gross margin |
67.3 |
% |
65.1 |
% |
69.0 |
% |
220 |
|
bps |
(170) |
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Bps |
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GAAP-based operating margin |
22.7 |
% |
13.6 |
% |
19.7 |
% |
910 |
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bps |
300 |
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Bps |
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GAAP-based EPS, diluted(1) |
$0.32 |
|
$0.14 |
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$0.18 |
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128.6 |
% |
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77.8 |
% |
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Non-GAAP-based gross margin (2) |
73.9 |
% |
72.2 |
% |
73.8 |
% |
170 |
|
bps |
10 |
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Bps |
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Non-GAAP-based operating margin (2) |
36.5 |
% |
31.4 |
% |
34.0 |
% |
510 |
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bps |
250 |
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Bps |
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Non-GAAP-based EPS, diluted (2)(3) |
$0.76 |
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$0.54 |
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$0.54 |
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40.7 |
% |
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40.7 |
% |
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