Open Text (NASDAQ: OTEX) reported Q3 EPS of $0.75, $0.06 better than the analyst estimate of $0.69. Revenue for the quarter came in at $832.9 million versus the consensus estimate of $813.53 million.

"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."

For earnings history and earnings-related data on Open Text (OTEX) click here.