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OpenText Reports Third Quarter Fiscal Year 2021 Financial Results Record Annual Recurring Revenues ( ARR ) , Record Cloud Revenues Exhibit 99.1 Third Quarter Highlights Total Revenues ( in millions ) Reported $ 832.9 + 2.2 % Constant Currency $ 807.9 Annual Recurring Revenues ( in millions ) Cloud Revenues ( in millions ) Reported Constant Currency Reported $ 691.8 ( 0.8 ) % + 4.4 % $ 673.8 + 1.7 % $ 355.8 Constant Currency $ 350.0 + 4.8 % + 3.1 % Annual Recurring Revenues represent 83 % of Total Revenues • Operating cash flows were $ 63.6 million and free cash flows were $ 50.3 million , which include an IRS settlement payment of $ 290.0 million GAAP - based net income of $ 91.5 million , up 252.4 % Y / Y , margin of 11.0 % , up 780 basis points Y / Y Adjusted EBITDA of $ 297.1 million , up 14.5 % , margin of 35.7 % , up 390 basis points Y / Y GAAP - based diluted EPS of $ 0.33 , up 230.0 % Y / Y Non - GAAP diluted EPS of $ 0.75 , up 23.0 % , and $ 0.71 in constant currency , up 16.4 % Y / Y Waterloo , ON , May 6 , 2021 - Open Text Corporation ( NASDAQ : OTEX ) , ( TSX : OTEX ) , “ The Information Company , " today announced its financial results for the third quarter ended March 31 , 2021 . " The shift to modern work , digital customer experiences , supply chain retooling and continued economic stimulus are creating positive demand for OpenText Cloud Editions ™ and other services , ” said Mark J. Barrenechea , OpenText CEO & CTO . “ OpenText delivered a robust quarter with organic revenue growth in Annual Recurring Revenues ( ARR ) and Cloud services and subscriptions , driving Total Growth and profitability across the organization . Total revenues in the quarter grew 2.2 % year - over - year to $ 832.9 million , Cloud services and subscriptions revenues grew 4.8 % year - over - year to a record $ 355.8 million . Annual Recurring Revenues grew to a record $ 691.8 million , up 4.4 % year - over - year , representing 83 % of total revenues . We are well positioned to grow and extend our leadership in Information Management as we focus on expanding our global sales initiatives and capturing market share . ” " OpenText Cloud Editions – The Ultimate Cloud ™ brings together everything a company needs to accelerate their digital transformation , grow , engage with their customers , and stay ahead of the competition , " said Mr. Barrenechea . " With flexible deployment options and secure , purpose - built solutions to support modern work , OpenText's complete Information Management suite continues to be vital for companies of all sizes . Through our GROW with OpenText program , we will continue to successfully deliver compelling innovations that provide our customers with a competitive digital advantage . ” " In Q3 we continued on our proven path , achieving excellence in operational performance while investing in initiatives to drive organic growth , " said OpenText EVP , CFO , Madhu Ranganathan . " We delivered $ 297.1 million of Adjusted EBITDA and $ 63.6 million of free cash flows , which include the IRS settlement payment of $ 290.0 million , and we continue to focus on generating consistent free cash flows . Our balance sheet and liquidity position remain strong with approximately $ 1.5 billion of cash after the IRS settlement payment and a 1.6x net leverage ratio , giving us the financial strength and flexibility to invest in future growth and deploy capital for the right acquisitions . " 1