Company Quick10K Filing
OpenText
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 270 $11,247
10-Q 2020-01-30 Quarter: 2019-12-31
10-Q 2019-10-31 Quarter: 2019-09-30
10-K 2019-08-01 Annual: 2019-06-30
10-Q 2019-05-01 Quarter: 2019-03-31
10-Q 2019-01-31 Quarter: 2018-12-31
10-Q 2018-10-31 Quarter: 2018-09-30
10-K 2018-08-02 Annual: 2018-06-30
10-Q 2018-05-09 Quarter: 2018-03-31
10-Q 2018-01-31 Quarter: 2017-12-31
10-Q 2017-11-02 Quarter: 2017-09-30
10-K 2017-08-03 Annual: 2017-06-30
10-Q 2017-05-08 Quarter: 2017-03-31
10-Q 2017-02-02 Quarter: 2016-12-31
10-Q 2016-11-03 Quarter: 2016-09-30
10-K 2016-07-27 Annual: 2016-06-30
10-Q 2016-04-27 Quarter: 2016-03-31
10-Q 2016-02-09 Quarter: 2015-12-31
10-Q 2015-10-28 Quarter: 2015-09-30
10-K 2015-07-29 Annual: 2015-06-30
10-Q 2015-04-28 Quarter: 2015-03-31
10-Q 2015-01-27 Quarter: 2014-12-31
10-Q 2014-10-23 Quarter: 2014-09-30
10-K 2014-07-31 Annual: 2014-06-30
10-Q 2014-04-24 Quarter: 2014-03-31
10-Q 2014-01-23 Quarter: 2013-12-31
10-Q 2013-10-31 Quarter: 2013-09-30
10-K 2013-08-01 Annual: 2013-06-30
10-Q 2013-04-25 Quarter: 2013-03-31
10-Q 2013-01-25 Quarter: 2012-12-31
10-Q 2012-11-01 Quarter: 2012-09-30
10-K 2012-08-10 Annual: 2012-06-30
10-Q 2012-05-02 Quarter: 2012-03-31
10-Q 2012-02-02 Quarter: 2011-12-31
10-Q 2011-10-27 Quarter: 2011-09-30
10-K 2011-08-15 Annual: 2011-06-30
10-Q 2011-04-28 Quarter: 2011-03-31
10-Q 2011-02-03 Quarter: 2010-12-31
10-K 2010-08-20 Annual: 2010-06-30
10-Q 2010-04-30 Quarter: 2010-03-31
10-Q 2010-02-04 Quarter: 2009-12-31
8-K 2020-02-18 Off-BS Arrangement, Other Events, Exhibits
8-K 2020-02-04 Other Events
8-K 2020-02-03 Other Events, Exhibits
8-K 2020-02-03 Regulation FD, Other Events, Exhibits
8-K 2020-01-30 Earnings, Other Events, Exhibits
8-K 2019-12-24 M&A, Regulation FD, Exhibits
8-K 2019-11-10 Enter Agreement, Regulation FD, Exhibits
8-K 2019-10-31 Earnings, Officers, Other Events, Exhibits
8-K 2019-10-31 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-09-04 Enter Agreement, Shareholder Vote, Other Events, Exhibits
8-K 2019-08-01 Earnings, Other Events, Exhibits
8-K 2019-05-01 Earnings, Other Events, Exhibits
8-K 2019-01-31 Earnings, Other Events, Exhibits
8-K 2018-10-31 Earnings, Other Events, Exhibits
8-K 2018-09-05 Shareholder Vote, Other Events, Exhibits
8-K 2018-08-02 Earnings, Other Events, Exhibits
8-K 2018-07-11 Other Events
8-K 2018-05-30 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2018-05-09 Earnings, Other Events, Exhibits
8-K 2018-01-30 Earnings, Officers, Other Events, Exhibits
OTEX 2019-12-31
Note 1-Basis of Presentation
Note 2-Recent Accounting Pronouncements
Note 3-Revenues
Note 4-Allowance for Doubtful Accounts
Note 5-Property and Equipment
Note 6-Leases
Note 7-Goodwill
Note 8-Acquired Intangible Assets
Note 9-Other Assets
Note 10-Accounts Payable and Accrued Liabilities
Note 11-Long-Term Debt
Note 12-Pension Plans and Other Post Retirement Benefits
Note 13-Share Capital, Option Plans and Share-Based Payments
Note 14-Guarantees and Contingencies
Note 15-Income Taxes
Note 16-Fair Value Measurement
Note 17-Derivative Instruments and Hedging Activities
Note 18-Special Charges (Recoveries)
Note 19-Acquisitions
Note 20-Supplemental Cash Flow Disclosures
Note 21-Earnings per Share
Note 22-Related Party Transactions
Note 23-Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1A. Risk Factors
Item 6. Exhibits
EX-4.2 exhibit42carboniteinde.htm
EX-4.3 exhibit43carbonitefirs.htm
EX-31.1 exhibit311q2-2010xq.htm
EX-31.2 exhibit312q2-2010xq.htm
EX-32.1 exhibit321q2-2010xq.htm
EX-32.2 exhibit322q2-2010xq.htm

OpenText Earnings 2019-12-31

OTEX 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
DXC 14,635 32,577 21,360 20,361 0 1,170 3,720 21,467 0% 5.8 4%
LDOS 11,528 9,327 5,968 10,527 1,506 662 1,028 13,857 14% 13.5 7%
OTEX 11,247 7,934 4,049 2,869 1,938 286 870 13,712 68% 15.8 4%
JKHY 10,406 2,185 756 1,553 630 272 353 10,313 41% 29.2 12%
EPAM 9,998 1,931 509 2,046 725 245 320 9,244 35% 28.9 13%
ZEN 9,710 1,439 1,012 703 492 -167 -137 9,536 70% -69.6 -12%
DOX 9,477 5,348 1,856 3,850 0 338 338 9,058 0% 26.8 6%
RNG 9,424 1,012 657 779 591 -31 18 8,856 76% 496.1 -3%
ATHM 8,996 15,756 4,645 0 0 0 0 8,779 0%
AZPN 8,614 903 510 598 541 263 334 8,542 90% 25.6 29%

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
______________________
FORM 10-Q
______________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2019.
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number: 0-27544
______________________________________
OPEN TEXT CORPORATION
(Exact name of Registrant as specified in its charter)  
______________________
Canada
98-0154400
(State or other jurisdiction of incorporation or organization)
(IRS Employer Identification No.)
 
275 Frank Tompa Drive,
 
 
N2L 0A1
 
 
Waterloo,
Ontario
Canada
 
 
 
 
(Address of principal executive offices)
 
 
(Zip code)
 
Registrant's telephone number, including area code: (519888-7111
Securities registered pursuant to Section 12(b) of the Act:  
Title of each class 
Trading Symbol(s)
Name of each exchange on which registered
Common stock without par value
OTEX
NASDAQ Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulations S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer    Accelerated filer   Non-accelerated filer   Smaller reporting company  Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.         

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  

At January 27, 2020, there were 270,771,591 outstanding Common Shares of the registrant.



    1


OPEN TEXT CORPORATION
TABLE OF CONTENTS
 
 
Page No
Part I Financial Information
 
Item 1. Financial Statements
 
 
Condensed Consolidated Balance Sheets as of December 31, 2019 (unaudited) and June 30, 2019
 
Condensed Consolidated Statements of Income - Three and Six Months Ended December 31, 2019 and 2018 (unaudited)
 
Condensed Consolidated Statements of Comprehensive Income - Three and Six Months Ended December 31, 2019 and 2018 (unaudited)
 
Condensed Consolidated Statements of Shareholders' Equity - Three and Six Months Ended December 31, 2019 and 2018 (unaudited)
 
Condensed Consolidated Statements of Cash Flows - Six Months Ended December 31, 2019 and 2018 (unaudited)
 
Notes to Condensed Consolidated Financial Statements (unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Item 4. Controls and Procedures
Part II Other Information
 
Item 1A. Risk Factors
Item 6. Exhibits
Signatures


    2



OPEN TEXT CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars, except share data)
 
December 31, 2019
 
June 30, 2019
ASSETS
(unaudited)
 
 
Cash and cash equivalents
$
675,403

 
$
941,009

Accounts receivable trade, net of allowance for doubtful accounts of $17,937 as of December 31, 2019 and $17,011 as of June 30, 2019 (note 4)
526,020

 
463,785

Contract assets (note 3)
22,794

 
20,956

Income taxes recoverable (note 15)
24,615

 
38,340

Prepaid expenses and other current assets
104,962

 
97,238

Total current assets
1,353,794

 
1,561,328

Property and equipment (note 5)
273,448

 
249,453

Operating lease right of use assets (note 6)
253,387

 

Long-term contract assets (note 3)
17,975

 
15,386

Goodwill (note 7)
4,656,492

 
3,769,908

Acquired intangible assets (note 8)
1,808,072

 
1,146,504

Deferred tax assets (note 15)
930,856

 
1,004,450

Other assets (note 9)
158,058

 
148,977

Long-term income taxes recoverable (note 15)
46,151

 
37,969

Total assets
$
9,498,233

 
$
7,933,975

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable and accrued liabilities (note 10)
$
417,611

 
$
329,903

Current portion of long-term debt (note 11)
913,631

 
10,000

Operating lease liabilities (note 6)
66,579

 

Deferred revenues (note 3)
718,861

 
641,656

Income taxes payable (note 15)
51,298

 
33,158

Total current liabilities
2,167,980

 
1,014,717

Long-term liabilities:
 
 
 
Accrued liabilities (note 10)
14,977

 
49,441

Pension liability (note 12)
73,678

 
75,239

Long-term debt (note 11)
2,600,386

 
2,604,878

Long-term operating lease liabilities (note 6)
218,681

 

Deferred revenues (note 3)
77,335

 
46,974

Long-term income taxes payable (note 15)
180,507

 
202,184

Deferred tax liabilities (note 15)
165,457

 
55,872

Total long-term liabilities
3,331,021

 
3,034,588

Shareholders’ equity:
 
 
 
Share capital and additional paid-in capital (note 13)
 
 
 
270,608,627 and 269,834,442 Common Shares issued and outstanding at December 31, 2019 and June 30, 2019, respectively; authorized Common Shares: unlimited
1,803,663

 
1,774,214

Accumulated other comprehensive income
24,690

 
24,124

Retained earnings
2,201,653

 
2,113,883

Treasury stock, at cost (847,369 shares at December 31, 2019 and 802,871 shares at June 30, 2019, respectively)
(32,066
)
 
(28,766
)
Total OpenText shareholders' equity
3,997,940

 
3,883,455

Non-controlling interests
1,292

 
1,215

Total shareholders’ equity
3,999,232

 
3,884,670

Total liabilities and shareholders’ equity
$
9,498,233

 
$
7,933,975

Guarantees and contingencies (note 14)
Related party transactions (note 22)
Subsequent events (note 23)
See accompanying Notes to Condensed Consolidated Financial Statements

    3


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,
 
2019
 
2018
 
2019
 
2018
Revenues (note 3):
 
 
 
 
 
 
 
License
$
138,095

 
$
132,756

 
$
215,993

 
$
209,643

Cloud services and subscriptions
248,340

 
219,233

 
485,605

 
427,316

Customer support
315,508

 
310,354

 
627,806

 
621,905

Professional service and other
69,614

 
72,888

 
139,041

 
143,524

Total revenues
771,557

 
735,231

 
1,468,445

 
1,402,388

Cost of revenues:
 
 
 
 
 
 
 
License
3,050

 
3,655

 
5,373

 
7,527

Cloud services and subscriptions
103,644

 
88,698

 
205,806

 
176,401

Customer support
29,788

 
31,273

 
59,175

 
61,738

Professional service and other
53,604

 
56,030

 
107,942

 
112,826

Amortization of acquired technology-based intangible assets (note 8)
42,299

 
48,366

 
82,597

 
95,843

Total cost of revenues
232,385

 
228,022

 
460,893

 
454,335

Gross profit
539,172

 
507,209

 
1,007,552

 
948,053

Operating expenses:
 
 
 
 
 
 
 
Research and development
80,283

 
75,753

 
161,461

 
153,223

Sales and marketing
137,310

 
126,193

 
265,928

 
246,375

General and administrative
54,595

 
52,198

 
106,130

 
103,122

Depreciation
20,712

 
23,834

 
40,989

 
47,688

Amortization of acquired customer-based intangible assets (note 8)
51,460

 
45,919

 
100,618

 
91,795

Special charges (recoveries) (note 18)
10,072

 
9,380

 
15,173

 
32,691

Total operating expenses
354,432

 
333,277

 
690,299

 
674,894

Income from operations
184,740

 
173,932

 
317,253

 
273,159

Other income (expense), net
1,972

 
378

 
(813
)
 
1,900

Interest and other related expense, net
(32,376
)
 
(33,613
)
 
(64,586
)
 
(68,144
)
Income before income taxes
154,336

 
140,697

 
251,854

 
206,915

Provision for (recovery of) income taxes (note 15)
46,818

 
36,236

 
69,909

 
66,086

Net income for the period
$
107,518

 
$
104,461

 
$
181,945

 
$
140,829

Net (income) loss attributable to non-controlling interests
(51
)
 
(29
)
 
(77
)
 
(73
)
Net income attributable to OpenText
$
107,467

 
$
104,432

 
$
181,868

 
$
140,756

Earnings per share—basic attributable to OpenText (note 21)
$
0.40

 
$
0.39

 
$
0.67

 
$
0.52

Earnings per share—diluted attributable to OpenText (note 21)
$
0.40

 
$
0.39

 
$
0.67

 
$
0.52

Weighted average number of Common Shares outstanding—basic (in '000's)
270,450

 
268,524

 
270,232

 
268,276

Weighted average number of Common Shares outstanding—diluted (in '000's)
271,590

 
269,400

 
271,328

 
269,396

See accompanying Notes to Condensed Consolidated Financial Statements

    4


OPEN TEXT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands of U.S. dollars)
(unaudited)

 
Three Months Ended December 31,
 
Six Months Ended December 31,
 
2019
 
2018
 
2019
 
2018
Net income for the period
$
107,518

 
$
104,461

 
$
181,945

 
$
140,829

Other comprehensive income (loss)—net of tax:
 
 
 
 
 
 
 
Net foreign currency translation adjustments
4,875

 
(3,418
)
 
(736
)
 
(6,938
)
Unrealized gain (loss) on cash flow hedges:
 
 
 
 
 
 
 
Unrealized gain (loss) - net of tax expense (recovery) effect of $301 and ($677) for the three months ended December 31, 2019 and 2018, respectively; $95 and ($496) for the six months ended December 31, 2019 and 2018, respectively
833

 
(1,877
)
 
261

 
(1,375
)
(Gain) loss reclassified into net income - net of tax (expense) recovery effect of ($26) and $169 for the three months ended December 31, 2019 and 2018, respectively; ($23) and $301 for the six months ended December 31, 2019 and 2018, respectively
(72
)
 
467

 
(64
)
 
833

Actuarial gain (loss) relating to defined benefit pension plans:
 
 
 
 
 
 
 
Actuarial gain (loss) - net of tax expense (recovery) effect of $1,308 and ($519) for the three months ended December 31, 2019 and 2018, respectively; $59 and ($213) for the six months ended December 31, 2019 and 2018, respectively
3,698

 
(1,521
)
 
614

 
(324
)
Amortization of actuarial (gain) loss into net income - net of tax (expense) recovery effect of $97 and $72 for the three months ended December 31, 2019 and 2018, respectively; $243 and $145 for the six months ended December 31, 2019 and 2018, respectively
260

 
64

 
491

 
130

Total other comprehensive income (loss) net, for the period
9,594

 
(6,285
)
 
566

 
(7,674
)
Total comprehensive income
117,112

 
98,176

 
182,511

 
133,155

Comprehensive (income) loss attributable to non-controlling interests
(51
)
 
(29
)
 
(77
)
 
(73
)
Total comprehensive income attributable to OpenText
$
117,061

 
$
98,147

 
$
182,434

 
$
133,082

See accompanying Notes to Condensed Consolidated Financial Statements


    5


OPEN TEXT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(In thousands of U.S. dollars and shares)
(unaudited)

 
Three Months Ended December 31, 2019
 
Common Shares and Additional Paid in Capital
 
Treasury Stock
 
Retained
Earnings
 
Accumulated  Other
Comprehensive
Income
 
Non-Controlling Interests
 
Total
 
Shares
 
Amount
 
Shares
 
Amount
 
Balance as of September 30, 2019
270,190

 
$
1,791,689

 
(1,103
)
 
$
(41,190
)
 
$
2,141,278

 
$
15,096

 
$
1,241

 
$
3,908,114

Issuance of Common Shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Under employee stock option plans
231

 
6,783

 

 

 

 

 

 
6,783

Under employee stock purchase plans
188

 
6,532

 

 

 

 

 

 
6,532

Share-based compensation

 
7,783

 

 

 

 

 

 
7,783

Issuance of treasury stock

 
(9,124
)
 
256

 
9,124

 

 

 

 

Dividends declared
($0.1746 per Common Share)

 

 

 

 
(47,092
)
 

 

 
(47,092
)
Other comprehensive income (loss) - net

 

 

 

 

 
9,594

 

 
9,594

Net income for the quarter

 

 

 

 
107,467

 

 
51

 
107,518

Balance as of December 31, 2019
270,609

 
$
1,803,663

 
(847
)
 
$
(32,066
)
 
$
2,201,653

 
$
24,690

 
$
1,292

 
$
3,999,232


 
Three Months Ended December 31, 2018
 
Common Shares and Additional Paid in Capital
 
Treasury Stock
 
Retained
Earnings
 
Accumulated  Other
Comprehensive
Income
 
Non-Controlling Interests
 
Total
 
Shares
 
Amount
 
Shares
 
Amount
 
Balance as of September 30, 2018
268,332

 
$
1,730,933

 
(992
)
 
$
(30,381
)
 
$
1,993,099

 
$
32,256

 
$
1,123

 
$
3,727,030

Issuance of Common Shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Under employee stock option plans
62

 
1,740

 

 

 

 

 

 
1,740

Under employee stock purchase plans
175

 
5,696

 

 

 

 

 

 
5,696

Share-based compensation

 
6,885

 

 

 

 

 

 
6,885

Purchase of treasury stock

 

 
(370
)
 
(12,815
)
 

 

 

 
(12,815
)
Issuance of treasury stock

 
(13,955
)
 
545

 
13,955

 

 

 

 

Dividends
($0.1518 per Common Share)

 

 

 

 
(40,700
)
 

 

 
(40,700
)
Other comprehensive income (loss) - net

 

 

 

 

 
(6,285
)
 

 
(6,285
)
Net income for the quarter

 

 

 

 
104,432

 

 
29

 
104,461

Balance as of December 31, 2018
268,569

 
$
1,731,299

 
(817
)
 
$
(29,241
)
 
$
2,056,831

 
$
25,971

 
$
1,152

 
$
3,786,012


 
Six Months Ended December 31, 2019
 
Common Shares and Additional Paid in Capital
 
Treasury Stock
 
Retained
Earnings
 
Accumulated  Other
Comprehensive
Income
 
Non-Controlling Interests
 
Total
 
Shares
 
Amount
 
Shares
 
Amount
 
Balance as of June 30, 2019
269,834

 
$
1,774,214

 
(803
)
 
$
(28,766
)
 
$
2,113,883

 
$
24,124

 
$
1,215

 
$
3,884,670

Issuance of Common Shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Under employee stock option plans
415

 
11,359

 

 

 

 

 

 
11,359

Under employee stock purchase plans
360

 
12,540

 

 

 

 

 

 
12,540

Share-based compensation

 
14,674

 

 

 

 

 

 
14,674

Purchase of treasury stock

 

 
(300
)
 
(12,424
)
 

 

 

 
(12,424
)
Issuance of treasury stock

 
(9,124
)
 
256

 
9,124

 

 

 

 

Dividends declared ($0.3492 per Common Share)

 

 

 

 
(94,098
)
 

 

 
(94,098
)
Other comprehensive income (loss) - net

 

 

 

 

 
566

 

 
566

Net income for the quarter

 

 

 

 
181,868

 

 
77

 
181,945

Balance as of December 31, 2019
270,609

 
$
1,803,663

 
(847
)
 
$
(32,066
)
 
$
2,201,653

 
$
24,690

 
$
1,292

 
$
3,999,232


    6


 
Six Months Ended December 31, 2018
 
Common Shares and Additional Paid in Capital
 
Treasury Stock
 
Retained
Earnings
 
Accumulated  Other
Comprehensive
Income
 
Non-Controlling Interests
 
Total
 
Shares
 
Amount
 
Shares
 
Amount
 
Balance as of June 30, 2018
267,651

 
$
1,707,073

 
(691
)
 
$
(18,732
)
 
$
1,994,235

 
$
33,645

 
$
1,037

 
$
3,717,258

Adoption of ASU 2016-16 - cumulative effect

 

 

 

 
(26,780
)
 

 

 
(26,780
)
Adoption of Topic 606 - cumulative effect

 

 

 

 
29,786

 

 

 
29,786

Issuance of Common Shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Under employee stock option plans
556

 
14,171

 

 

 

 

 

 
14,171

Under employee stock purchase plans
362

 
11,265

 

 

 

 

 

 
11,265

Share-based compensation

 
13,440

 

 

 

 

 

 
13,440

Purchase of treasury stock

 

 
(674
)
 
(24,534
)
 

 

 

 
(24,534
)
Issuance of treasury stock

 
(14,025
)
 
548

 
14,025

 

 

 

 

Dividends declared
($0.3036 per Common Share)

 

 

 

 
(81,166
)
 

 

 
(81,166
)
Other comprehensive income - net

 

 

 

 

 
(7,674
)
 

 
(7,674
)
Non-controlling interest

 
(625
)
 

 

 

 

 
42

 
(583
)
Net income for the year

 

 

 

 
140,756

 

 
73

 
140,829

Balance as of December 31, 2018
268,569

 
$
1,731,299

 
(817
)
 
$
(29,241
)
 
$
2,056,831

 
$
25,971

 
$
1,152

 
$
3,786,012

See accompanying Notes to Condensed Consolidated Financial Statements


    7


OPEN TEXT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of U.S. dollars)
(unaudited)
 
Six Months Ended December 31,
 
2019
 
2018
Cash flows from operating activities:
 
 
 
Net income for the period
$
181,945

 
$
140,829

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization of intangible assets
224,204

 
235,326

Share-based compensation expense
14,674

 
13,440

Pension expense
2,895

 
2,254

Amortization of debt issuance costs
2,276

 
2,157

Loss on sale and write down of property and equipment

 
9,428

Deferred taxes
34,168

 
8,909

Share in net (income) loss of equity investees
(1,948
)
 
(7,863
)
Changes in operating assets and liabilities:
 
 
 
Accounts receivable
2,598

 
33,548

Contract assets
(17,659
)
 
(13,400
)
Prepaid expenses and other current assets
(501
)
 
12,532

Income taxes
(891
)