Open Text : Q2

Exhibit 99.1

OpenText Reports Second Quarter Fiscal Year 2023 Financial Results

Record Q2 Revenues Powered by Cloud Revenue Growth and Continued Strong Cloud Bookings

Eight Consecutive Quarters of Cloud Organic Growth

Fiscal 2023 Second Quarter Highlights

Total Revenues	Annual Recurring Revenues	Cloud Revenues
(in millions)	(in millions)	(in millions)
Reported	Constant	Reported	Constant	Reported	Constant
Currency	Currency	Currency
$897	$945	$725	$761	$409	$423
+2.4%	+7.8%	+3.6%	+8.7%	+12.0%	+16.0%

Annual Recurring Revenues represent 81% of Total Revenues

• Total revenues of $897 million, up 2.4% Y/Y or up 7.8% in constant currency
• Annual recurring revenues (ARR) of $725 million, up 3.6% Y/Y or up 8.7% in constant currency
• Cloud revenues of $409 million, up 12.0% Y/Y or up 16.0% in constant currency
• Eight consecutive quarters of cloud organic and ARR organic growth in constant currency
• Strong quarterly enterprise cloud bookings(1) of $144.7 million, up 12% Y/Y
• Operating cash flows of $195 million and free cash flows(3) of $163 million
• TTM operating cash flows(2) of $903 million and TTM free cash flows(2)(3) of $778 million
• GAAP-basednet income of $258 million, up 192.7% Y/Y, margin of 28.8%, up 1,870 basis points Y/Y, including $172 million of pretax unrealized gains on mark-to-market valuations related to derivative transactions in connection with the Micro Focus acquisition
• Adjusted EBITDA(3) of $341 million, margin of 38.0% and TTM Adjusted EBITDA(2)(3) of $1,243 million, margin of 35.2%
• GAAP-baseddiluted earnings per share (EPS) of $0.96, Non-GAAP diluted EPS(3) of $0.89
• Completed offering of $1 billion Senior Secured Notes due 2027 and $3.585 billion Acquisition Term Loan Amendment as part of Micro Focus acquisition financing
• Closed acquisition of Micro Focus on January 31, 2023

Waterloo, ON, February 2, 2023 - Open Text Corporation (NASDAQ: OTEX), (TSX: OTEX), today announced its financial results for the second quarter and year ended December 31, 2022.

"OpenText delivered a superb second quarter with strong cloud bookings and revenues, establishing our eighth consecutive quarter of cloud organic and ARR organic growth in constant currency," said Mark J. Barrenechea, OpenText CEO & CTO. "Customers embraced our Cloud Editions as reflected with Cloud revenues of $409 million, growing 12.0% year-over-year or 16.0% in constant currency. Total revenues were $897 million, growing 2.4% year-over-year or 7.8% in constant currency and Annual recurring revenues were $725 million, growing 3.6% year-over-year or 8.7% in constant currency."

"Customers are looking to gain the Information Advantage and we are excited to expand our offerings with Micro Focus products to include Cybersecurity, Application Automation and Modernization, AI & Analytics, and Digital Operations Management," added Mr Barrenechea. "As one of the world's largest software and cloud businesses, OpenText powers and protects information to elevate every person and every organization to be their best. We welcome Micro Focus customers, partners and employees to OpenText. We expect to have Micro Focus on our operating model within six full quarters or sooner."

"We enter 2023 with tremendous momentum and an expanded Information Management market," said Madhu Ranganathan, OpenText EVP, CFO. "OpenText's cash flow profile is strong. We remain committed to successfully executing our $400 million cost savings plan and achieving a consolidated net leverage ratio of less than 3x within eight full quarters or sooner."

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1. Enterprise cloud bookings is defined as the total value from cloud services and subscription contracts, entered into in the period that are new, committed and incremental to our existing contracts, excluding the impact of Carbonite and Zix.
2. TTM is calculated as Q3FY'22, plus Q4FY'22, plus year-to-date FY'23 included within our current and historical filings on Forms 10-Q and 10-K.
3. Please see Note 2 "Use of Non-GAAP Financial Measures" to the consolidated financial statements below.

Financial Highlights for Q2 Fiscal 2023 with Year Over Year Comparisons

Summary of Quarterly Results

	(In millions, except per share data)		Q2 FY'23	Q2 FY'22	$ Change	% Change		Q2 FY'23	% Change
			in CC*	in CC*
	Revenues:
	Cloud services and subscriptions		$408.7	$364.9	$43.8	12.0 %		$423.2	16.0	%
	Customer support	316.5	334.9	(18.4)	(5.5) %	337.8	0.9	%
	Total annual recurring revenues**		$725.2	$699.8	$25.4	3.6 %		$761.0	8.7 %
	License	108.0	109.5	(1.5)	(1.4) %	114.8	4.8	%
	Professional service and other		64.3	67.5	(3.2)	(4.8) %		69.2	2.5	%
	Total revenues	$897.4	$876.8	$20.6	2.4 %	$945.0	7.8 %
	GAAP-based operating income		$184.7	$192.9	($8.2)	(4.3) %		N/A	N/A
	Non-GAAP-based operating income (1)	$318.1	$321.8	($3.7)	(1.1) %	$333.2	3.5 %
	GAAP-based net income attributable to OpenText		$258.5	$88.3	$170.2	192.7 %		N/A	N/A
	GAAP-based EPS, diluted	$0.96	$0.32	$0.64	200.0 %		N/A	N/A
	Non-GAAP-based EPS, diluted (1)(2)		$0.89	$0.89	$-	- %		$0.94	5.6 %
	Adjusted EBITDA (1)	$340.9	$343.5	($2.6)	(0.8) %	$356.1	3.7 %
	Operating cash flows		$195.2	$216.6	($21.5)	(9.9) %		N/A	N/A
	Free cash flows (1)	$163.0	$206.0	($43.1)	(20.9) %		N/A	N/A
	Summary of YTD Results
	(In millions, except per share data)							FY'23	% Change
		FY'23 YTD	FY'22 YTD	$ Change	% Change		YTD in
			in CC*
								CC*
	Revenues:
	Cloud services and subscriptions		$813.3	$721.5	$91.9	12.7 %		$840.0	16.4	%
	Customer support	633.9	670.1	(36.3)	(5.4) %	674.6	0.7	%
	Total annual recurring revenues**		$1,447.2	$1,391.6	$55.6	4.0 %		$1,514.6	8.8 %
	License	170.5	183.0	(12.5)	(6.8) %	181.2	(1.0) %
	Professional service and other		131.8	134.5	(2.7)	(2.0) %		141.0	4.8	%
	Total revenues	$1,749.5	$1,709.1	$40.4	2.4 %	$1,836.7	7.5 %
	GAAP-based operating income		$331.0	$375.6	($44.6)	(11.9) %		N/A	N/A
	Non-GAAP-based operating income (1)	$599.0	$623.8	($24.8)	(4.0) %	$629.5	0.9 %
	GAAP-based net income attributable to OpenText		$141.6	$220.2	($78.7)	(35.7) %		N/A	N/A
	GAAP-based EPS, diluted	$0.52	$0.81	($0.29)	(35.8) %		N/A	N/A
	Non-GAAP-based EPS, diluted (1)(2)		$1.66	$1.72	($0.06)	(3.5) %		$1.76	2.3 %
	Adjusted EBITDA (1)	$645.0	$666.9	($21.9)	(3.3) %	$675.8	1.3 %
	Operating cash flows		$327.1	$406.3	($79.2)	(19.5) %		N/A	N/A
	Free cash flows (1)	$258.6	$369.0	($110.4)	(29.9) %		N/A	N/A

1. Please see Note 2 "Use of Non-GAAP Financial Measures" to the consolidated financial statements below.
2. Please also see Note 14 to the Company's Fiscal 2018 Consolidated Financial Statements on Form 10-K. 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.

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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.

Dividend

As part of our quarterly, non-cumulative cash dividend program, the Board declared on February 1, 2023, a cash dividend of $0.24299 per common share. The record date for this dividend is March 3, 2023 and the payment date is March 23, 2023. OpenText believes strongly in returning value to its shareholders and intends to maintain its dividend program. Any future declarations of dividends and the establishment of future record and payment dates are all subject to the final determination and discretion of the Board of Directors.

Quarterly Business Highlights

• OpenText buys Micro Focus International plc
• OpenText completed Notes Offering and Term Loan amendment as part of Micro Focus acquisition financing
• Key customer wins in the quarter include: AMD, Baltimore City Council, Barnardo's, DataExpert, Lear Corporation, Los Alamos National Laboratory of the U.S. Department of Energy, Marks & Spencer, Matmut, Nebraska Furniture Mart, NIB Holdings Limited, Royal Bank of Canada, RR Donnelley, Transport for London and U.S. Defense Health Agency
• OpenText to ring the Nasdaq Stock Market opening bell in Ottawa on February 3, 2023
• OpenText has partnered with Allstate Identity Protection to offer identity protection services to Webroot customers
• OpenText achieves FedRAMP "In Process" designation for its OpenText Cloud for Government offering
• OpenText next level Managed Detection and Response offerings recognized in the 2022 MITRE Engenuity ATT&CK Evaluations for Managed Services

Summary of Quarterly Results

				% Change		% Change
	Q2 FY'23	Q1 FY'23	Q2 FY'22	(Q2 FY'23 vs		(Q2 FY'23 vs
				Q1 FY'23)		Q2 FY'22)
Revenue (millions)	$897.4	$852.0	$876.8	5.3 %		2.4 %
GAAP-based gross margin	70.8 %	69.7 %	70.2 %	110	bps	60	bps
Non-GAAP-based gross margin (1)	76.0 %	75.2 %	76.4 %	80	bps	(40)	bps
GAAP-based earnings (loss) per share,	$0.96	($0.43)	$0.32	(323.3)%		200.0 %
diluted
Non-GAAP-based EPS, diluted (1)(2)	$0.89	$0.77	$0.89	15.6 %		- %

1. Please see Note 2 "Use of Non-GAAP Financial Measures" to the consolidated financial statements below.
2. Please also see Note 14 to the Company's Fiscal 2018 Consolidated Financial Statements on Form 10-K. 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.

Conference Call Information

OpenText posted an investor presentation on its Investor Relations website at http://investors.opentext.comand invites the public to listen to the earnings conference call today at 5:00 p.m. ET (2:00 p.m. PT) by dialing 1-800-319-4610(toll-free) or [phone] (international). Please dial-in 10 minutes ahead of time to ensure proper connection. Alternatively, a live webcast of the earnings conference call will be available on the Investor Relations section of the Company's website at http://investors.opentext.com/investor-events-and-presentations.

A replay of the call will be available beginning February 2, 2023 at 7:00 p.m. ET through 11:59 p.m. on February 16, 2023 and can be accessed by dialing 1-855-669-9658(toll-free) or [phone] (international) and using passcode 9718 followed by the number sign.

Please see below note (2) for a reconciliation of U.S. GAAP-based financial measures used in this press release to Non-GAAP- based financial measures.

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About OpenText

OpenText, The Information Company™, enables organizations to gain insight through market leading information management solutions, powered by OpenText Cloud Editions. For more information about OpenText (NASDAQ: OTEX, TSX: OTEX) visit opentext.com.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this press release, including statements about the focus of Open Text Corporation ("OpenText" or "the Company") in our fiscal year ending June 30, 2023 (Fiscal 2023) on growth, future cloud growth and market share gains, future organic growth initiatives and deployment of capital, intention to maintain a dividend program, the associated benefits of the Micro Focus acquisition, future tax rates, new platform and product offerings and associated benefits to customers, scaling OpenText, and other matters, which may contain words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates", "may", "could", "would", "might", "will" and variations of these words or similar expressions are considered forward-looking statements or information under applicable securities laws. In addition, any information or statements that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking, and based on our current expectations, forecasts and projections about the operating environment, economies and markets in which we operate. Forward-looking statements reflect our current estimates, beliefs and assumptions, which are based on management's perception of historic trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances, such as certain assumptions about the economy, as well as market, financial and operational assumptions. Management's estimates, beliefs and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and, as such, are subject to change. We can give no assurance that such estimates, beliefs and assumptions will prove to be correct. Such forward-looking statements involve known and unknown risks and uncertainties such as those relating to: all statements regarding the expected future financial position, results of operations, cash flows, dividends, financing plans, business strategy, budgets, capital expenditures, competitive positions, growth opportunities, plans and objectives of management, including any anticipated synergy benefits; our ability to integrate successfully Micro Focus' operations and programs, including incurring unanticipated costs, delays or difficulties; duration and severity of the COVID-19 pandemic, including any new strains or resurgence; and our ability to develop, protect and maintain our intellectual property and proprietary technology and to operate without infringing on the proprietary rights of others. For additional information with respect to risks and other factors which could occur, see the Company's Annual Report on Form 10- K, Quarterly Report on Form 10-Q and other securities filings with the Securities and Exchange Commission (SEC) and other securities regulators. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

OTEX - F

For more information, please contact:

Harry E. Blount

Senior Vice President, Global Head of Investor Relations

Open Text Corporation

[e-mail]

Copyright ©2023 Open Text. OpenText is a trademark or registered trademark of Open Text. The list of trademarks is not exhaustive of other trademarks. Registered trademarks, product names, company names, brands and service names mentioned herein are property of Open Text. All rights reserved. For more information, visit: http://www.opentext.com/who-we- are/copyright-information.

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OPEN TEXT CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars, except share data)

					December 31, 2022			June 30, 2022
	ASSETS
		(unaudited)
	Cash and cash equivalents			$	2,820,927			$	1,693,741
	Accounts receivable trade, net of allowance for credit losses of $17,089 as of		470,794				426,652
	December 31, 2022 and $16,473 as of June 30, 2022
	Contract assets				25,613				26,167
	Income taxes recoverable		10,300				18,255
	Prepaid expenses and other current assets				131,172				120,552
	Total current assets		3,458,806				2,285,367
	Property and equipment				250,706				244,709
	Operating lease right of use assets		194,415				198,132
	Long-term contract assets				18,603				19,719
	Goodwill		5,250,136				5,244,653
	Acquired intangible assets				883,748				1,075,208
	Deferred tax assets		811,142				810,154
	Other assets				303,559				256,987
	Long-term income taxes recoverable		47,091				44,044
	Total assets			$	11,218,206			$	10,178,973
	LIABILITIES AND SHAREHOLDERS' EQUITY
	Current liabilities:
	Accounts payable and accrued liabilities	$	459,360		$	448,607
	Current portion of long-term debt				10,000				10,000
	Operating lease liabilities		58,299				56,380
	Deferred revenues				879,226				902,202
	Income taxes payable		87,549				51,069
	Total current liabilities				1,494,434				1,468,258
	Long-term liabilities:
	Accrued liabilities				18,705				18,208
	Pension liability		57,349				60,951
	Long-term debt				5,193,158				4,209,567
	Long-term operating lease liabilities		188,809				198,695
	Long-term deferred revenues				84,681				91,144
	Long-term income taxes payable		40,878				34,003
	Deferred tax liabilities				18,808				65,887
	Total long-term liabilities		5,602,388				4,678,455
	Shareholders' equity:
	Share capital and additional paid-in capital
	270,235,234 and 269,522,639 Common Shares issued and outstanding at
	December 31, 2022 and June 30, 2022, respectively; authorized Common				2,092,079				2,038,674
	Shares: unlimited
	Accumulated other comprehensive income (loss)		(1,028)			(7,659)
	Retained earnings				2,171,236				2,160,069
	Treasury stock, at cost (3,295,043 and 3,706,420 shares at December 31, 2022		(142,126)			(159,966)
	and June 30, 2022, respectively)
	Total OpenText shareholders' equity				4,120,161				4,031,118
	Non-controlling interests		1,223				1,142
	Total shareholders' equity				4,121,384				4,032,260
	Total liabilities and shareholders' equity	$	11,218,206			$	10,178,973
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