OpenText Reports Third Quarter Fiscal 2011 Financial Results

WATERLOO, ON, April 27 /CNW/ - Open Text(TM) Corporation (NASDAQ: OTEX) (TSX: OTC), today announced unaudited financial results for its third quarter ended March 31, 2011. (1)

Total revenue for the third quarter of fiscal 2011 was $263.0 million, up 23.6% compared to $212.8 million for the same period in the prior fiscal year. License revenue for the third quarter of fiscal 2011 was $67.8 million, up 37.0% compared to $49.5 million for the same period in the prior fiscal year.

Adjusted net income for the third quarter of fiscal 2011 was $52.5 million or $0.90 per share on a diluted basis, up 30.3% compared to $40.3 million or $0.70 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 $35.8 million or $0.61 per share on a diluted basis, compared to $13.1 million or $0.23 per share on a diluted basis for the same period in the prior fiscal year. (2)

Operating cash flow in the third quarter of fiscal 2011 was $82.3 million, compared to $78.0 million for the same period in the prior fiscal year.

The cash and cash equivalents balance as of March 31, 2011 was $237.7 million. Accounts receivable as of March 31, 2011 totaled $150.2 million, compared to $132.1 million as of June 30, 2010 and Days Sales Outstanding (DSO) was 49 days in the third quarter of fiscal 2011, compared to 52 days in the third quarter of fiscal 2010.

"I am pleased with our performance this quarter," said John Shackleton, President and Chief Executive Officer of OpenText. "With strong sales in all geographies, we are seeing increased demand for both compliance based solutions and productivity centric applications that integrate workflow processes with ERP systems."

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 April 27, 2011 at 5:00 p.m. ET to discuss its final financial results.

                          Date: Wednesday, April 27, 2011
                          Time: 5:00 p.m. ET/2:00 p.m. PT
                          Length: 60 minutes
                          Where: 416-644-3419
866-250-4892 (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 April 27, 2011 at 7:00 p.m. ET through 11:59 p.m. on May 11, 2011 and can be accessed by dialing 416-640-1917 and using passcode 4431709 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=701D0000000Uo1wIAC

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 intangible assets, 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 for the three and nine months ended March 31, 2011, as referred to in this press release:

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

In '000s of USD Three months
ended March 31,
2011
Percentage Nine months
ended March 31,
2011
Percentage OpenText
Fiscal 2011
Target Model
Revenue:          
License………………………...…..........   $             67,794 25.8% $           189,644 25.3% 25-30%
Customer Support………………...…... 143,126 54.4% 409,585 54.8% 52-57%
Service and Other…………...………... 52,037 19.8% 148,621 19.9% 18-23%
Total Revenue………………....……… 262,957   747,850    
           
Cost of revenues (excluding
amortization of acquired
technology-based intangible assets)……
70,301   196,435    
Gross profit (excluding
amortization of acquired
technology-based intangible assets)……
192,656 73.3% 551,415 73.7% 73-75%
Operating expenses:          
Research & Development……...………... 41,324 15.7% 106,555 14.2% 14-16%
Sales & Marketing………….....………….. 61,132 23.2% 163,915 21.9% 21-23%
General & Administrative……...……….. 23,323 8.9% 62,611 8.4% 8-10%
Depreciation…………………....………... 5,917 2.3% 16,050 2.1% 2%
  131,696   349,131    
Gross profit less operating expenses… 60,960   202,284    
Add: Share -based compensation expense.. 3,095   8,431    
Non GAAP-based Adjusted Operating Margin….. 64,055 24.4% 210,715 28.2% 25-30%
Less: Interest expense…………………. 2,977   9,585    
Sub-total………………………………. 61,078   201,130    
Less: tax @ 14% 8,551   28,158    
Non GAAP-based Adjusted Net Income $              52,527   $          172,972    
           
Non GAAP-based Adjusted Net Income per share…………………………... $                  0.90   $                2.98    

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

In '000s of USD Three months ended
March 31, 2011
Nine months ended
March 31, 2011
Non GAAP-based Adjusted Operating Margin……….. $                      64,055   $                    210,715  
Less:        
Amortization…………………………… 27,779   77,683  
Share-based compensation expense…… 3,095   8,431  
Special charges……………………….. 4,437   11,093  
Other (income) expense, net………….. (2,905)   618  
Interest expense, net……………………. 2,977   9,585  
GAAP-based provision for (recovery of) income taxes (7,158)   8,694  
GAAP-based net income for the period… $                       35,830   $                      94,611  
         
Reconciliation of  Non GAAP based Adjusted  Net income to GAAP-based Net Income:
In '000s of USD (except per share data)   Per share   Per share
Non GAAP-based Adjusted Net Income $                      52,527           $  0.90 $                   172,972 $     2.98
Less:        
Amortization…………………………… 27,779                 0.48 77,683 1.34
Share-based compensation expense……. 3,095                 0.05 8,431 0.14
Special charges…………………………. 4,437                 0.08 11,093 0.19
Other (income) expense, net……………. (2,905) (0.05) 618 0.01
GAAP-based provision for (recovery of) income taxes (7,158) (0.12) 8,694 0.15
Tax provision on non GAAP-based adjusted net income (per above), @14%….                                       (8,551) (0.15) (28,158) (0.48)
GAAP-based net income for the period $                      35,830 $    0.61 $                     94,611    1.63
         

*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 nine months ended March 31, 2010:

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

In '000s of USD Three months
ended March 31,
2010
Percentage Nine months
ended March 31,
2010
Percentage OpenText
Fiscal 2010
Target Model
Revenue:          
License…………………………………………… $              49,527 23.3% $           169,547 25.2% 25-30%
Customer Support………………………………... 124,443 58.5% 378,375 56.3% 50-55%
Service and Other………………………………... 38,807 18.2% 124,067 18.5% 20-25%
Total Revenue…………………………………… 212,777   671,989    
           
Cost of revenues (excluding amortization of
acquired technology-based intangible assets).
55,835   175,767    
Gross profit (excluding amortization of
acquired technology-based intangible assets).
156,942 73.8% 496,222 73.8% 72-75%
Operating expenses:          
Research & Development………………………... 31,654 14.9% 97,543 14.5% 14-16%
Sales & Marketing……………………………….. 45,983 21.6% 150,564 22.4% 24-26%
General & Administrative……………………….. 18,405 8.6% 62,007 9.2% 9-10%
Depreciation……………………………………... 4,437 2.1% 12,982 1.9% 2%
  100,479   323,096    
Gross profit less operating expenses………… 56,463   173,126    
Add: Share -based compensation expense **….. 1,334   3,990    
Non GAAP-based Adjusted Operating Margin 57,797 27.2% 177,116 26.4% 22-27%
Less: Interest expense……………………………. 2,625   8,387    
Sub-total…………………………………………. 55,172   168,729    
Less: tax @ 27% 14,896   45,557    
Non GAAP-based Adjusted Net Income $             40,276   $           123,172    
           
Non GAAP-based Adjusted Net Income per share……………………………………………... $                 0.70   $                 2.15    

Reconciliation of  Non GAAP-based Adjusted Operating Margin  to GAAP-based Net Income:
In '000s of USD Three months ended March 31, 2010 Nine months ended March 31, 2010
Non GAAP-based Adjusted Operating Margin….. $                       57,797   $                   177,116  
Less:        
Amortization…………………………… 23,954   70,900  
Share-based compensation expense…… 1,334   3,990  
Special charges……………………….. 6,083   35,095  
Other expense, net………….. 5,554   3,785  
Interest expense, net……………………. 2,625   8,387  
GAAP-based provision for  income taxes 5,133   18,914  
GAAP-based net income for the period… $                       13,114   $                     36,045  
         
Reconciliation of  Non GAAP based Adjusted  Net income to GAAP-based Net Income:
In '000s of USD (except per share data)   Per share   Per share
Non GAAP-based Adjusted Net Income…. $                      40,276  $     0.70 $                      123,172 $    2.15
Less:        
Amortization…………………………........… 23,954 0.41 70,900 1.24
Share-based compensation expense……. 1,334 0.02 3,990 0.07
Special charges…………………………. 6,083 0.11 35,095 0.61
Other expense, net………............……. 5,554 0.10 3,785 0.07
GAAP-based provision for income taxes 5,133 0.09 18,914 0.33
Tax on non GAAP-based adjusted net income (per above), @27%.. (14,896) (0.26) (45,557) (0.80)
GAAP-based net income for the period $                      13,114 $     0.23 $                       36,045 $    0.63
         

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

** For the three and nine months ended March 31, 2010, nil and $3.2 million, respectively, of share-based compensation was 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 three and nine months ended March 31, 2011:

  Three months ended March 31, 2011
     
Currencies   % of Revenue   % of Expenses*  
EURO.....    25% 20%
GBP ......                   9% 9%
CHF....... 5% 2%
CAD......  9% 27%
USD ..... 43% 31%
Others..  9% 11%
     
Total ...       100%                100%
     
     
   
  Nine months ended March 31, 2011
     
Currencies   % of Revenue   % of Expenses*  
EURO......     25%  20%
GBP.......                    9% 9%
CHF....... 5% 3%
CAD ...... 8% 28%
USD....... 44% 30%
Others... 9% 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)  

   March 31,
2011
June 30,
2010
  (Unaudited)  
     
ASSETS    
Cash and cash equivalents...................................................................................... $ 237,747 $ 326,192
Accounts receivable trade, net of allowance for doubtful accounts of $5,446 as of
March 31, 2011 and $4,868 as of June 30, 2010.....................................................
150,160 132,143
Income taxes recoverable........................................................................................ 26,478 44,509
Prepaid expenses and other current assets............................................................. 33,567 21,086
Deferred tax assets.................................................................................................. 19,048 20,242
    Total current assets.................................................................................... 467,000 544,172
Capital assets.......................................................................................................... 73,526 54,286
Goodwill................................................................................................................... 832,558 666,055
Acquired intangible assets....................................................................................... 374,321 328,193
Deferred tax assets.................................................................................................. 45,447 30,420
Other assets............................................................................................................ 20,920 16,896
Deferred charges.................................................................................................... 55,407 27,558
Long-term income taxes recoverable...................................................................... 52,814 48,102
  Total assets.......................................................................................................... $ 1,921,993 $ 1,715,682
LIABILITIES AND SHAREHOLDERS' EQUITY    
Current liabilities:    
  Accounts payable and accrued liabilities............................................................. $ 127,066 $ 119,604
  Current portion of long-term debt......................................................................... 15,787 15,486
  Deferred revenues............................................................................................... 256,382 219,752
  Income taxes payable........................................................................................... 32,814 39,666
  Deferred tax liabilities............................................................................................ 3,641 28,384
    Total current liabilities................................................................................... 435,690 422,892
Long-term liabilities:    
  Accrued liabilities..................................................................................................... 13,057 15,755
  Deferred credits....................................................................................................... 5,323
  Pension liability........................................................................................................ 18,584 15,888
  Long-term debt........................................................................................................ 282,781 285,026
  Deferred revenues................................................................................................... 11,613 10,085
  Long-term income taxes payable............................................................................. 106,963 64,699
  Deferred tax liabilities.............................................................................................. 43,406 13,459
    Total long-term liabilities.................................................................................. 481,727 404,912
Shareholders' equity:    
  Share capital..........................................................................................................    
    57,236,987 and 56,825,995 Common Shares issued and outstanding at
March 31, 2011 and June 30, 2010, respectively; Authorized Common Shares:
unlimited...........................................................................................................
612,445 602,868
  Additional paid-in capital......................................................................................... 71,174 61,298
  Accumulated other comprehensive income............................................................. 59,154 44,021
  Retained earnings................................................................................................. 288,302 193,691
  Treasury stock, at cost (572,413 and 307,579 shares, respectively at
March 31, 2011 and June 30, 2010).....................................................................
(26,499 ) (14,000 )
Total shareholders' equity...................................................................................... 1,004,576 887,878
  Total liabilities and shareholders' equity.............................................................. $ 1,921,993 $ 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
March 31,  
Nine months ended
March 31,  
      2011   2010   2011   2010  
Revenues:        
  License...............................................................................  $ 67,794  $ 49,527  $ 189,644  $ 169,547 
  Customer support...............................................................       143,126       124,443        409,585        378,375 
  Service and other................................................................        52,037        38,807        148,621        124,067 
         
    Total revenues..................................................................        262,957        212,777        747,850        671,989 
         
Cost of revenues:        
  License..................................................................................        3,772        3,744        12,737        11,522 
  Customer support...................................................................        22,699        20,777        63,597        63,209 
  Service and other...................................................................        43,830        31,314        120,101        101,036 
  Amortization of acquired technology-based intangible assets..        17,677        15,044        49,524        44,338 
         
    Total cost of revenues..........................................................        87,978        70,879        245,959        220,105 
         
Gross profit................................................................................        174,979        141,898        501,891        451,884 
         
Operating expenses:        
  Research and development......................................................        41,324        31,654        106,555        97,543 
  Sales and marketing.................................................................        61,132        45,983        163,915        150,564 
  General and administrative.......................................................        23,323        18,405        62,611        62,007 
  Depreciation..............................................................................        5,917        4,437        16,050        12,982 
  Amortization of acquired customer-based intangible assets......        10,102        8,910        28,159        26,562 
  Special charges        4,437        6,083        11,093        35,095 
         
    Total operating expenses.....................................................        146,235        115,472        388,383        384,753 
         
Income from operations..................................................................        28,744        26,426        113,508        67,131 
         
Other income (expense), net..........................................................        2,905       (5,554)       (618)             (3,785)
Interest expense, net.......................................................................        (2,977)       (2,625)       (9,585)       (8,387)
         
Income before income taxes............................................................        28,672        18,247        103,305        54,959
Provision for (recovery of) income taxes...........................................        (7,158)        5,133        8,694        18,914
         
Net income for the period..................................................................  $ 35,830  $ 13,114  $ 94,611  $ 36,045
         
Net income per share—basic............................................................  $ 0.63  $ 0.23  $ 1.66  $ 0.64
         
Net income per share—diluted..........................................................  $ 0.61  $ 0.23  $ 1.63  $ 0.63
         
Weighted average number of Common Shares outstanding—basic....        57,133        56,537       57,010        56,106
         
Weighted average number of Common Shares outstanding—diluted...        58,359        57,696       58,132        57,214
         
         

OPEN TEXT CORPORATION

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

  Three months ended
March 31,   
Nine months ended
March 31,  
  2011   2010   2011   2010  
Cash flows from operating activities:        
Net income for the period.................................................  $ 35,830 $ 13,114  $ 94,611  $ 36,045 
Adjustments to reconcile net income to net cash provided by
operating activities:
       
  Depreciation and amortization of intangible assets........        33,696        28,391        93,733        83,882 
  Share-based compensation expense.............................        3,095        1,334        8,431        7,154 
  Excess tax benefits on share-based compensation expense...        (1,015)       (207)       (1,577)       (904)
  Pension expense............................................................                   156       152                  387       562 
  Amortization of debt issuance costs................................        343       330       1,012        1,064 
  Unrealized (gain) loss on financial instruments...............         —         2,994       —         (878)
  Unrealized gain on marketable securities........................        —         —         —         (4,353)
  Loss on sale and write down of capital assets.................        12        136        12        136
  Deferred taxes.................................................................        (6,958)       (2,414)       (10,789)       (3,714)
  Impairment charges..........................................................        —         378         —         830 
Changes in operating assets and liabilities:        
  Accounts receivable.........................................................        (5,131)       22,566        4,538        23,953 
  Prepaid expenses and other current assets....................        813       2,017       124       (1,306)
  Income taxes....................................................................        (15,039)       (10,234)        21,820              (18,238)
  Deferred charges and credits..........................................              95              —             (29,172)       —   
  Accounts payable and accrued liabilities.........................        (710)       (4,932)       (22,022)       (11,466)
  Deferred revenues...........................................................        37,585        23,000       12,813       (1,029)
  Other assets.....................................................................        (445)       1,376       (2,657)       3,233
         
Net cash provided by operating activities............................        82,327        78,001        171,264        114,971 
Cash flows from investing activities:        
  Additions of capital assets-net...........................................        (11,954)       (3,505)       (26,536)       (15,269)
  Purchase of weComm Limited, net of cash acquired.........              (20,198)             —             (20,198)       —   
  Purchase of Metastorm Inc., net of cash acquired.............       (168,657)           —      (168,657)       —   
  Purchase of StreamServe Inc., net of cash acquired.........               —             —       (57,221)       —   
  Purchase of Vignette Corporation, net of cash acquired....        —        —        —          (90,600)
  Purchase of eMotion LLC, net of cash acquired.................        —        —        —          (556)
  Purchase consideration for prior period acquisitions..........        (1,392)       (3,167)       (4,206)       (11,407)
  Investments in marketable securities..................................        —         —        (668)       —  
  Maturity of short-term investments......................................        —         7,000        —         45,525 
         
Net cash provided by (used in) investing activities.................        (202,201)       328       (277,486)       (72,307)
Cash flow from financing activities:        
  Excess tax benefits on share-based compensation expense...        1,015       207       1,577       904 
  Proceeds from issuance of Common Shares...........................        4,831       2,795       9,384       8,937 
  Purchase of Treasury Stock....................................................        —        —        (12,499)       —   
  Repayment of long-term debt..............................................       (901)       (873)       (2,661)       (2,607)
  Debt issuance costs.............................................................        —        —        (29)       (1,024)
         
Net cash provided by (used in) financing activities...................        4,945       2,129       (4,228)       6,210 
Foreign exchange gain (loss) on cash held in foreign currencies........        11,893       (6,760)       22,005       (3,365)
Increase (decrease) in cash and cash equivalents during the period...            (103,036)             73,698             (88,445)       45,509
Cash and cash equivalents at beginning of the period...................        340,783        247,630        326,192        275,819
         
Cash and cash equivalents at end of the period.............................  $ 237,747  $ 321,328  $ 237,747  $ 321,328 

 

 

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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