OpenText reports Q1 adjusted EPS $1.01, consensus 90c

Reports Q1 revenue $1.43B, consensus $1.4B. “OpenText executed extremely well in a volatile world with record Q1 revenues of $1.425 billion and 67% growth year-over-year. These strong Q1 results are a foundation for a strong Fiscal 2024,” said Mark J. Barrenechea, OpenText CEO & CTO. “We delivered Cloud revenues of $451 million with 11% growth year-over-year, driven by increased cloud consumption in our top value areas. Annual recurring revenues of $1.1 billion grew 59% year-over-year, representing 81% of total revenues.” “We are delighted with our solid performance in the quarter,” said Madhu Ranganathan, OpenText EVP, CFO. “First quarter results reflect continued strength in the operational integration of Micro Focus as we delivered $495 million of adjusted EBITDA. Our balance sheet and liquidity position remain strong with approximately $920 million in cash as of September 30, 2023. We have made total debt repayments of approximately $560 million since the acquisition of Micro Focus and OpenText remains on track to realize our growth targets and achieve our free cash flow aspirations.”