08:14 AM EDT, 10/31/2024 (MT Newswires) -- Open Text ( OTEX ) said Thursday that its GAAP-based net income increased in the first quarter of its fiscal 2025.

The company reported an attributable GAAP-based net income of US$84 million, or US$0.32 per share, rising from US$81 million, or US$0.30 per share.

Adjusted EBITDA fell to US$444 million from US$495 million while revenue dropped to US$1.27 billion from US$1.43 billion.

"The strength of the OpenText operating model has resulted in strong margin performance this quarter," Chief Financial Officer Madhu Ranganathan said. "We continue to focus on driving operational efficiencies across the organization and we have a defined path in place for future margin and cash flow growth.

The company said it remains on track to return record capital to shareholders of about US$570 million in fiscal 2025. It has purchased and canceled 7.72 million shares over the last two quarters.