Open Text reported $2.60B of remaining performance obligations at 30 Sep 2024, up 4% from a year earlier and down 4% from the previous quarter. That is 0.5 years of trailing revenue already under contract. Book-to-bill last quarter: 0.92.
Net new backlog added in the latest quarter: -$100M.
Over the last twelve months it turned about 219% of its opening backlog into revenue (12-month conversion).
45% of the backlog is due within the next twelve months.
Customer prepayments (contract liabilities) cover 55.8% of the backlog.
Twelve-month book-to-bill: 1.02, i.e. 1.02 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: -7 points — revenue is catching up with orders.
The latest filed figure is more than 200 days old.
Open Text backlog history
Remaining performance obligations at each quarter end (bars) against trailing twelve-month revenue (line).
Amounts in USD. Source: SEC XBRL filings.
Quarter end
Backlog (RPO)
TTM revenue
Coverage
Customer prepayments
30 Sep 2024
$2.60B
$5.61B
0.5 yrs
$1.45B
30 Jun 2024
$2.70B
$5.77B
0.5 yrs
$1.52B
31 Mar 2024
$2.60B
$5.90B
0.4 yrs
$1.58B
31 Dec 2023
$2.50B
$5.70B
0.4 yrs
$1.54B
30 Sep 2023
$2.50B
$5.06B
0.5 yrs
$1.60B
30 Jun 2023
$2.50B
$4.49B
0.6 yrs
$1.72B
31 Mar 2023
$2.50B
$3.90B
0.6 yrs
$1.79B
31 Dec 2022
$1.60B
$3.53B
0.5 yrs
$879M
30 Sep 2022
$1.50B
$3.51B
0.4 yrs
$849M
30 Jun 2022
$1.50B
$3.49B
0.4 yrs
$902M
31 Mar 2022
$1.50B
$3.48B
0.4 yrs
$937M
31 Dec 2021
$1.50B
$3.44B
0.4 yrs
$849M
Questions
What is Open Text's backlog?
Open Text reported $2.60B of remaining performance obligations at 30 Sep 2024, up 4% from a year earlier and down 4% from the previous quarter. That is 0.5 years of trailing revenue already under contract. Book-to-bill last quarter: 0.92.
How fast does Open Text's backlog turn into revenue?
Over the last twelve months Open Text recognised revenue equal to about 219% of the backlog it started each quarter with.
About these numbers
Remaining performance obligations (RPO) are revenue a company has contracted but not yet recognised, as reported in its SEC filings (XBRL tag RevenueRemainingPerformanceObligation). Coverage = backlog ÷ trailing twelve-month revenue. Book-to-bill = (change in backlog + revenue) ÷ revenue. Conversion = revenue recognised ÷ the backlog at the start of each quarter, summed over four quarters. Counterparty values come from company filings and releases.