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  "presentationDate": "2020-08-01 00:00:00",
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  "notes": "The slide provides a clear formula and a step-by-step breakdown of the ROIC calculation for OpenText.",
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      "text": "We measure our ROIC annually. It is defined as our non-GAAP net operating profit after tax, divided by our average invested capital. Non-GAAP net operating profit after tax is our non-GAAP based income from operations, net of our non-GAAP tax rate. Invested capital is defined as our total debt, plus total equity, less the sum of total cash and total deferred tax assets (liabilities).",
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      "text": "ROIC = Adj. Operating Income (after-tax) / (Debt + Equity – Cash – Deferred Tax)",
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      "text": "1. Refer to note 1 of our Fiscal 2019 10-K for details on the impact of recently adopted accounting standards on prior period results. 2. Please refer to historical filings, including our Forms 10-K and 10-Q, regarding the company's adjusted tax rate.",
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