OpenText Reports Second Quarter Fiscal 2011 Financial Results

WATERLOO, ON, Feb. 2 /CNW/ - Open Text(TM) Corporation (NASDAQ: OTEX) (TSX: OTC), today announced unaudited financial results for its second quarter ended December 31, 2010. (1)

Total revenue for the second quarter of fiscal 2011 was $267.5 million, up 7.9% compared to $247.8 million for the same period in the prior fiscal year. License revenue for the second quarter of fiscal 2011 was $79.2 million, up 8.9% compared to $72.7 million for the same period in the prior fiscal year.

Adjusted net income for the second quarter of fiscal 2011 was $70.5 million or $1.21 per share on a diluted basis, up 41% compared to $50.1 million or $0.87 per share on a diluted basis for the same period in the prior fiscal year.  Net income in accordance with U.S. generally accepted accounting principles ("US GAAP") was $37.1 million or $0.64 per share on a diluted basis, compared to $21.2 million or $0.37 per share on a diluted basis for the same period in the prior fiscal year. (2)

Operating cash flow in the second quarter of fiscal 2011 was $40.0 million, compared to $32.5 million for the same period in the prior fiscal year.

The cash and cash equivalents balance as of December 31, 2010 was $340.8 million. Accounts receivable as of December 31, 2010 totaled $135.3 million, compared to $132.1 million as of June 30, 2010 and Days Sales Outstanding (DSO) was 44 days in the second quarter of fiscal 2011, compared to 52 days in the second quarter of fiscal 2010.

"We had an excellent quarter. With license sales rebounding, our sales groups are performing well in all regions," said John Shackleton, President and Chief Executive Officer of OpenText. "We are encouraged by the level of demand for our compliance based solutions, especially in the financial services and energy verticals, and I am confident that we are on track to meet our targets for the fiscal year."

Please see note (2) below for a reconciliation of non-US GAAP based financial measures used in this press release, to US GAAP based financial measures.

Teleconference Call
OpenText will host a conference call on February 2, 2011 at 5:00 p.m. ET to discuss its final financial results.

              Date: Wednesday, February 2, 2011
              Time: 5:00 p.m. ET/2:00 p.m. PT
              Length:    60 minutes
              Where: 416-644-3415
800-814-4860 (Toll Free)
 

Investors should dial in approximately 10 minutes before the teleconference is scheduled to begin. A replay of the call will be available beginning February  2, 2011 at 7:00 p.m. ET through 11:59 p.m. on February 16, 2011 and can be accessed by dialing 416-640-1917 and using passcode 4399170 followed by the number sign.

For more information or to listen to the call via web cast, please use the following link:

http://www.opentext.com/2/global/ex_event.html?evtype=events&id=701D0000000Uk2VIAS

About OpenText
OpenText(TM) is the world's largest independent provider of Enterprise Content Management software. The company's solutions manage information for all types of business, compliance and industry requirements in large companies, government agencies and professional service firms. OpenText supports approximately 46,000 customers in 114 countries and 12 languages. For more information about OpenText, visit www.opentext.com.

Certain statements in this press release, including statements about the financial conditions, and results of operations and earnings for Open Text Corporation ("OpenText" or "the Company"),  may contain words such as "could", "expects", "may", "should", "will", "anticipates", "believes", "intends", "estimates", "targets", "plans", "envisions", "seeks" and other similar language and are considered forward-looking statements or information under applicable securities laws. These statements are based on the Company's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which the Company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. The Company's assumptions, although considered reasonable by the Company at the date of this press release, may provide to be inaccurate and consequently the Company's actual results could differ materially from the expectations set out herein.

Actual results or events could differ materially from those contemplated in forward-looking statements as a result of the following: (i) the future performance, financial and otherwise, of OpenText; (ii) the ability of OpenText to bring new products to market and to increase sales; (iii) the strength of the Company's product development pipeline; (iv) the Company's growth and profitability prospects; (v) the estimated size and growth prospects of the ECM market; (vi) the Company's competitive position in the ECM market and its ability to take advantage of future opportunities in this market; (vii) the benefits of the Company's products to be realized by customers; and (viii) the demand for the Company's product and the extent of deployment of the company's products in the ECM marketplace. Forward-looking statements may also include, without limitation, any statement relating to future events, conditions or circumstances. The risks and uncertainties that may affect forward-looking statements include, but are not limited to: (i) integration of acquisitions and related restructuring efforts, including the quantum of restructuring charges and the timing thereof; (ii) the possibility that the Company may be unable to meet its future reporting requirements under the Securities Exchange Act of 1934, as amended, and the rules promulgated there under; (iii) the risks associated with bringing new products to market; (iv) fluctuations in currency exchange rates; (v) delays in the purchasing decisions of the Company's customers; (vi) the competition the Company faces in its industry and/or marketplace; (vii) the possibility of technical, logistical or planning issues in connection with the deployment of the Company's products or services; (viii) the continuous commitment of the Company's customers; and (ix) demand for the Company's products.

For additional information with respect to risks and other factors which could occur, see the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Unless otherwise required by applicable securities laws, the Company disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Copyright © 2011 by Open Text Corporation. "OPENTEXT", "OPENTEXT EVERYWHERE" and the "OPENTEXT ECM SUITE" are trademarks or registered trademarks of Open Text Corporation in the United States of America, Canada, the European Union and/or other countries. This list of trademarks is not exhaustive. Other trademarks, registered trademarks, product names, company names, brands and service names mentioned herein are property of Open Text Corporation or other respective owners.

Notes
(1) Based on comparison of historical revenue figures publicly disseminated by companies in the Enterprise Content Management ("ECM") sector. All dollar amounts in this press release are in US Dollars unless otherwise indicated.

(2) Use of US Non-GAAP financial measures
In addition to reporting financial results in accordance with US GAAP, the Company provides certain non-US GAAP financial measures that are not in accordance with US GAAP. These non-US GAAP financial measures have certain limitations in that they do not have a standardized meaning and thus the Company's definition may be different from similar non-US GAAP financial measures used by other companies and/or analysts and may differ from period to period. Thus it may be more difficult to compare the Company's financial performance to that of other companies. However, the Company's management compensates for these limitations by providing the relevant disclosure of the items excluded in the calculation of adjusted net income and adjusted EPS both in its reconciliation to the US GAAP financial measures of net income and EPS and its consolidated financial statements, all of which should be considered when evaluating the Company's results. The Company uses the financial measures adjusted EPS and adjusted net income to supplement the information provided in its consolidated financial statements, which are presented in accordance with US GAAP. The presentation of adjusted net income and adjusted EPS is not meant to be a substitute for net income or net income per share presented in accordance with US GAAP, but rather should be evaluated in conjunction with and as a supplement to such US GAAP measures. OpenText strongly encourages investors to review its financial information in its entirety and not to rely on a single financial measure. The Company therefore believes that despite these limitations, it is appropriate to supplement the disclosure of the US GAAP measures with certain non-US GAAP measures for the reasons set forth below. Adjusted net income and adjusted EPS are calculated as net income or net income per share on a diluted basis, excluding, where applicable, the amortization of acquired intangible assets, other income (expense), share-based compensation, and restructuring, all net of tax. The Company's management believes that the presentation of adjusted net income and adjusted EPS provides useful information to investors because it excludes non-operational charges. The use of the term "non-operational charge" is defined by the Company as those that do not impact operating decisions taken by the Company's management and is based upon the way the Company's management evaluates the performance of the Company's business for use in the Company's internal reports. In the course of such evaluation and for the purpose of making operating decisions, the Company's management excludes certain items from its analysis, such as amortization of acquired intangibles, restructuring costs, share-based compensation, other income (expense) and the taxation impact of these items. These items are excluded based upon the manner in which management evaluates the business of the Company and are not excluded in the sense that they may be used under US GAAP. The Company believes the provision of supplemental non-US GAAP measures allows investors to evaluate the operational and financial performance of the Company's core business using the same evaluation measures that management uses, and is therefore a useful indication of OpenText's performance or expected performance of recurring operations and facilitates period-to-period comparison of operating performance. As a result, the Company considers it appropriate and reasonable to provide, in addition to US GAAP measures, supplementary non-US GAAP financial measures that exclude certain items from the presentation of its financial results in this press release.

The following charts provide (unaudited) reconciliations of US GAAP based financial measures to non-US GAAP based financial measures referred to in this press release:

Non GAAP-based Adjusted Operating Margin and Adjusted Net income*:

In '000s of USD Three months
ended December
31, 2010
Percentage Six months
ended
December 31,
2010
Percentage Open Text
Fiscal 2011
Target Model
Revenue:          
License……………………………….................   $             79,204 29.6% $           121,850 25.1% 25-30%

Customer Support…………………..................
136,702 51.1% 266,459 55.0% 52-57%

Service and Other………………….................
51,582 19.3% 96,584 19.9% 18-23%

Total Revenue………………………..............
267,488   484,893    
           
Cost of revenues (excluding amortization
of acquired technology-based intangible
assets)……………………………………...........
68,163   126,134    
Gross profit (excluding amortization
of acquired technology-based intangible
assets)……………………………………...........
199,325 74.5% 358,759 74.0% 73-75%
Operating expenses:          
Research & Development…………….............. 34,268 12.8% 65,231 13.5% 14-16%
Sales & Marketing……………………............... 58,603 21.9% 102,783 21.2% 21-23%
General & Administrative……………............... 19,478 7.3% 39,288 8.1% 8-10%
Depreciation…………………………................ 5,258 2.0% 10,133 2.1% 2%
  117,607   217,435    
Gross margin less operating expenses… 81,718   141,324    
Add: Share -based compensation expense.... 2,737   5,337    
Non GAAP-based Adjusted Operating
Margin………………………………........
84,455 31.6% 146,661 30.2% 25-30%
Less: Interest expense…………………..... 2,473   6,608    
Sub-total………………………………......... 81,982   140,053    
Less: tax @ 14% 11,477   19,607    
Non GAAP-based Adjusted Net Income $              70,505   $          120,446    
           
Non GAAP-based Adjusted Net Income
per share……………………………….......
$              1.21   $             2.08    

Reconciliation of  Non GAAP-based Adjusted Operating Margin  to GAAP-based Net Income:

     
In '000s of USD Three months ended
December 31, 2010
Six months ended
December 31, 2010
Non GAAP-based Adjusted Operating
Margin…………………………………..
$                      84,455   $                    146,661  
Less:        
Amortization…………………………… 25,676   49,904  
Share-based compensation expense… 2,737   5,337  
Special charges……………………….. 3,461   6,656  
Other expense, net…………………….. 6,003   3,523  
Interest expense, net……………………. 2,473   6,608  
GAAP-based provision for  income taxes 6,995   15,852  
GAAP-based net income for the period… $                       37,110   $                      58,781  
         
 
Reconciliation of  Non GAAP based Adjusted  Net income to GAAP-based Net Income:
In '000s of USD        Per share        Per share
Non GAAP-based Adjusted Net Income $                     70,505 $   1.21 $                   120,446 $     2.08
Less:        
Amortization……………………………... 25,676 0.44 49,904 0.86
Share-based compensation expense… 2,737  0.05 5,337 0.09
Special charges…………………………. 3,461 0.06 6,656 0.11
Other expense, net………..……………. 6,003 0.10 3,523 0.06
GAAP-based provision for income taxes 6,995 0.12 15,852 0.28
Tax on non GAAP-based adjusted net
income (per above), @14%……….…….
                                      (11,477) (0.20) (19,607) (0.33)
GAAP-based net income for the period $                      37,110 $    0.64 $                     58,781 $    1.01
         

*Amounts may differ from those shown on the face of the financial statements due to non-material rounding adjustments.

The following tables present non GAAP-based measures and their reconciliation to GAAP, for the three and six months ended December 31, 2009:

Non GAAP-based Adjusted Operating Margin and Adjusted Net income*:

In '000s of USD Three months
ended
December 31,
2009
Percentage Six months
ended
December 31,
2009
Percentage Open Text
Fiscal 2010
Target Model
Revenue:          
License…………………………………………… $              72,691 29.3% $           120,020 26.1% 25-30%
Customer Support………………………………... 130,283 52.6% 253,932 55.3% 50-55%
Service and Other………………………………... 44,816 18.1% 85,260 18.6% 20-25%
Total Revenue…………………………………… 247,790   459,212    
           
Cost of revenues (excluding amortization of
acquired technology-based intangible assets).
62,554   119,932    
Gross profit (excluding amortization of
acquired technology-based intangible assets).
185,236 74.8% 339,280 73.9% 72-75%
Operating expenses:          
Research & Development………………………... 34,347 13.9% 65,889 14.3% 14-16%
Sales & Marketing……………………………….. 53,891 21.7% 104,581 22.8% 24-26%
General & Administrative……………………….. 22,377 9.0% 43,602 9.5% 9-10%
Depreciation……………………………………... 4,398 1.8% 8,545 1.9% 2%
  115,013   222,617    
Gross margin less operating expenses……… 70,223   116,663    
Add: Share -based compensation expense **….. 1,160   2,669    
Non GAAP-based Adjusted Operating Margin 71,383 28.8% 119,332 26.0% 22-27%
Less: Interest expense……………………………. 2,716   5,762    
Sub-total…………………………………………. 68,667   113,570    
Less: tax @ 27% 18,540   30,664    
Non GAAP-based Adjusted Net Income $             50,127   $           82,906    
           
Non GAAP-based Adjusted Net Income per
share……………………………………………...
$             0.87   $           1.46

 
 


Reconciliation of  Non GAAP-based Adjusted Operating Margin  to GAAP-based Net Income:
In '000s of USD Three months ended
December 31, 2009
Six months ended
December 31, 2009
Non GAAP-based Adjusted Operating Margin………………………………….. $                       71,383   $                   119,332  
Less:        
Amortization…………………………… 23,887   46,946  
Share-based compensation expense…… 1,160   2,669  
Special charges……………………….. 10,423   29,012  
Other expense (income), net………….. 1,671   (1,769)  
Interest expense, net……………………. 2,716   5,762  
GAAP-based provision for  income taxes 10,325   13,781  
GAAP-based net income for the period… $                       21,201   $                       22,931  
         
Reconciliation of  Non GAAP based Adjusted  Net income to GAAP-based Net Income:
In '000s of USD   Per share   Per share
Non GAAP-based Adjusted Net Income…………………………….. $                     50,127                $     0.87 $                      82,906    1.46
Less:        
Amortization…………………………… 23,887 0.41 46,946 0.83
Share-based compensation expense……. 1,160 0.02 2,669 0.05
Special charges…………………………. 10,423 0.18 29,012 0.51
Other expense (income), net…………. 1,671 0.03 (1,769) (0.03)
GAAP-based provision for income taxes 10,325 0.18 13,781 0.24
Tax on non GAAP-based adjusted net income (per above), @27%.........………. (18,540) (0.32) (30,664) (0.54)
GAAP-based net income for the period $                      21,201 $    0.37 $                       22,931 $    0.40
         

*Amounts may differ from those shown on the face of the financial statements due to non-material rounding adjustments.

** In addition $1.0 million and $3.2 million, respectively for the three and six months ended December 31, 2009, of share-based compensation is included within Special charges.

(3) The following table provides a composition of our major currencies for revenue and expenses, expressed as a percentage, for the second quarter of fiscal 2011:  

     
  Three months ended December 31, 2010
Currencies   % of Revenue   % of Expenses*  
EURO.............................................................     25% 21%
GBP...............................................................                    9% 8%
CHF...............................................................  6% 3%
CAD...............................................................  8% 28%
USD...............................................................  43% 29%
Others............................................................  9% 11%
Total        100%                100%
     
     
   
  Six months ended December 31, 2010
Currencies   of Revenue   % of Expenses*  
EURO.............................................................     25% 20%
GBP...............................................................                     9% 8%
CHF...............................................................  5% 3%
CAD...............................................................  8% 29%
USD...............................................................  45% 30%
Others...........................................................  8% 10%
Total..............................................................        100%                100%
     

* Expenses include all cost of revenues and operating expenses included within the Condensed Consolidated Statements of Income, except for amortization of intangible assets, share-based compensation and special charges.

OPEN TEXT CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars, except share data)

  December 31,
2010  
June 30, 2010  
  (Unaudited)  
ASSETS    
Cash and cash equivalents .................................................................................................... $ 340,783  $ 326,192
Accounts receivable trade, net of allowance for doubtful accounts of $5,097 as of
December 31, 2010 and $4,868 as of June 30, 2010 .............................................................
      135,310        132,143 
 Income taxes recoverable .......................................................................................................       23,705        44,509 
 Prepaid expenses and other current assets ...........................................................................       30,533        21,086 
 Deferred tax assets ................................................................................................................       14,448        20,242 
       Total current assets ..........................................................................................................       544,779        544,172 
 Capital assets ........................................................................................................................       65,652        54,286 
 Goodwill ................................................................................................................................       705,208        666,055 
 Acquired intangible assets ....................................................................................................       321,313        328,193 
 Deferred tax assets ...............................................................................................................       27,631        30,420 
 Other assets ..........................................................................................................................       19,734        16,896 
 Deferred charges ...................................................................................................................       57,948        27,558 
 Long-term income taxes recoverable .....................................................................................       43,386        48,102 
       Total assets .................................................................................................................... $ 1,785,651  $ 1,715,682 
      
 LIABILITIES AND SHAREHOLDERS' EQUITY    
 Current liabilities:    
    Accounts payable and accrued liabilities ................................................................................ $ 114,356 $ 119,604
    Current portion of long-term debt ...........................................................................................       15,450        15,486 
    Deferred revenues .................................................................................................................    202,852       219,752 
   Income taxes payable ..............................................................................................................       42,120        39,666 
   Deferred tax liabilities ..............................................................................................................       4,752        28,384 
       Total current liabilities ..........................................................................................................       379,530        422,892 
 Long-term liabilities:    
    Accrued liabilities ....................................................................................................................       10,362        15,755 
    Deferred credits ......................................................................................................................       5,561        —   
    Pension liability .......................................................................................................................       17,125        15,888 
    Long-term debt .......................................................................................................................       283,529        285,026 
    Deferred revenues .................................................................................................................       10,704        10,085 
    Long-term income taxes payable ............................................................................................       96,030        64,699 
    Deferred tax liabilities .............................................................................................................       28,057        13,459 
       Total long-term liabilities .......................................................................................................       451,368        404,912 
 Shareholders' equity:    
    Share capital ...........................................................................................................................    
       57,041,399 and 56,825,995 Common Shares issued and outstanding at
December 31, 2010 and June 30, 2010, respectively; Authorized Common Shares: unlimited ..... 
      607,414        602,868 
    Additional paid-in capital .........................................................................................................       67,110        61,298 
    Accumulated other comprehensive income .............................................................................       54,256        44,021 
    Retained earnings ...................................................................................................................       252,472        193,691 
    Treasury stock, at cost (572,413 and 307,579 shares, respectively at December 31, 2010
and June 30, 2010) ......................................................................................................................
      (26,499 )       (14,000 )
 Total shareholders' equity ..........................................................................................................       954,753        887,878 
       Total liabilities and shareholders' equity ....................................................................... $ 1,785,651  $ 1,715,682 
      

OPEN TEXT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands of U.S. dollars, except share and per share data)
(Unaudited)  

  Three months ended December 31, Six months ended December 31,
  2010   2009   2010   2009  
Revenues:        
   License ........................................................................................... $ 79,204 $ 72,691 $ 121,850 $ 120,020
   Customer support ........................................................................... 136,702 130,283 266,459 253,932
   Service and other ...........................................................................  51,582 44,816 96,584 85,260
      Total revenues ............................................................................ 267,488 247,790 484,893 459,212
Cost of revenues:        
   License ........................................................................................... 5,463 4,633 8,965 7,778
   Customer support ........................................................................... 21,542 21,493 40,898 42,432
   Service and other ........................................................................... 41,158  36,428  76,271  69,722
   Amortization of acquired technology-based intangible assets ........ 16,420  15,152  31,847  29,294
      Total cost of revenues ................................................................. 84,583  77,706  157,981 149,226 
Gross profit ........................................................................................ 182,905  170,084        326,912  309,986 
Operating expenses:        
   Research and development ............................................................ 34,268  34,347  65,231  65,889 
   Sales and marketing ....................................................................... 58,603  53,891  102,783  104,581 
   General and administrative ............................................................. 19,478  22,377  39,288  43,602 
   Depreciation ................................................................................... 5,258  4,398  10,133  8,545 
   Amortization of acquired customer-based intangible assets ........... 9,256  8,735  18,057  17,652 
   Special charges .............................................................................. 3,461  10,423  6,656  29,012 
      Total operating expenses ............................................................ 130,324  134,171  242,148  269,281 
Income from operations ..................................................................... 52,581  35,913  84,764  40,705 
Other income (expense), net ............................................................. (6,003) (1,671) (3,523) 1,769 
Interest expense, net ......................................................................... (2,473 ) (2,716 ) (6,608 ) (5,762 )
Income before income taxes .............................................................. 44,105  31,526  74,633  36,712 
Provision for income taxes ................................................................. 6,995  10,325  15,852  13,781 
Net income for the period ................................................................... $ 37,110 $ 21,201 $ 58,781 $ 22,931
Net income per share—basic ............................................................. $ 0.65 $ 0.38 $ 1.03 $ 0.41
Net income per share—diluted ........................................................... $ 0.64 $ 0.37 $ 1.01 $ 0.40
Weighted average number of Common Shares outstanding—basic ..  57,019  56,403  56,950  55,895 
Weighted average number of Common Shares outstanding—diluted .  58,088  57,448  58,007  56,964 

OPEN TEXT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of U.S. dollars)
(Unaudited)  

         
    Three months ended
December 31,
Six months ended
December 31,  
  2010 2009 2010 2009
Cash flows from operating activities:        
Net income for the period.............................. $ 37,110 $ 21,201 $ 58,781 $ 22,931 
Adjustments to reconcile net income to net cash provided by
operating activities:
       
Depreciation and amortization of
intangible assets............................................ 
      30,934        28,285        60,037        55,491 
Share-based compensation expense.............       2,737        2,130        5,337        5,820 
Excess tax benefits on share-based compensation
expense.................................. 
      (130 )       (6)       (562)       (697)
Pension expense...........................................        108       218        231        410 
Amortization of debt issuance costs..............       334        468       667        734
Unrealized gain on financial instruments.......        —          (1,482 )       —          (3,872 )
Unrealized gain on marketable securities......       —          —          —          (4,353 )
Deferred taxes...............................................       (3,650 )       1,657       (3,831 )       (1,300 )
Impairment charges.......................................        —       452       —          452
Changes in operating assets and liabilities:        
Accounts receivable.......................................       (18,208 )       (6,541 )       9,670       1,387 
Prepaid expenses and other current assets...        1,839       (105 )       (689 )       (3,323 )
Income taxes...................................................        3,997        (3,217 )       36,859        (8,004 )
Deferred charges and credits..........................       (1,542 )       —          (29,267 )       —   
Accounts payable and accrued liabilities.........        4,679        318       (21,312 )       (6,534 )
Deferred revenue............................................       (17,538 )       (11,592 )       (24,772 )       (24,029 )
Other assets....................................................        (667 )       682        (2,212 )       1,857 
         
Net cash provided by operating activities.........        40,003        32,468        88,937        36,970 
Cash flows from investing activities:        
Additions of capital assets-net.........................        (7,639)       (4,099)       (14,582)       (11,764)
Purchase of StreamServe Inc., net of cash acquired..........................................................        (57,221)       —          (57,221)       —   
Purchase of Vignette Corporation, net of cash acquired...........................................................       —          —          —          (90,600 )
Purchase of eMotion LLC, net of cash
acquired........................................................... 
      —          (556 )       —          (556 )
Purchase consideration for prior period acquisitions......................................................        (1,408 )       (3,439 )       (2,814 )       (8,240 )
Investments in marketable securities................        —          —          (668 )       —   
Maturity of short-term investments....................        —          11,354        —          38,525 
         
Net cash (used in) provided by investing activities............................................................        (66,268 )       3,260       (75,285 )       (72,635 )
Cash flow from financing activities:        
Excess tax benefits on share-based compensation
expense..................................... 
      130        6       562        697 
Proceeds from issuance of Common Shares....        1,307        1,665        4,553        6,142 
Purchase of Treasury Stock.............................       (12,499)       —          (12,499)       —   
Repayment of long-term debt...........................        (882)       (870 )       (1,760)       (1,734)
Debt issuance costs.........................................        (29)       —          (29 )       (1,024)
         
Net cash (used in) provided by financing activities...........................................................        (11,973)       801        (9,173)       4,081 
Foreign exchange gain (loss) on cash held in foreign currencies............................................        (5,671)       (1,089)       10,112        3,395 
Increase (decrease) in cash and cash equivalents during
the period...........................
      (43,909)       35,440       14,591        (28,189)
Cash and cash equivalents at beginning of the period...............................................................        384,692        212,190       326,192        275,819 
         
Cash and cash equivalents at end of the period..............................................................  $ 340,783  $ 247,630  $ 340,783  $ 247,630 

SOURCE Open Text Corporation

For further information:

Greg Secord
Vice President, Investor Relations
Open Text Corporation
519-888-7111 ext.2408
gsecord@opentext.com


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