Company Quick10K Filing
OpenText
Price40.93 EPS1
Shares271 P/E34
MCap11,102 P/FCF17
Net Debt2,353 EBIT430
TEV13,455 TEV/EBIT31
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-12-31 Filed 2021-02-04
10-Q 2020-09-30 Filed 2020-11-05
10-K 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-04-30
10-Q 2019-12-31 Filed 2020-01-30
10-Q 2019-09-30 Filed 2019-10-31
10-K 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-01
10-Q 2018-12-31 Filed 2019-01-31
10-Q 2018-09-30 Filed 2018-10-31
10-K 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-09
10-Q 2017-12-31 Filed 2018-01-31
10-Q 2017-09-30 Filed 2017-11-02
10-K 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-08
10-Q 2016-12-31 Filed 2017-02-02
10-Q 2016-09-30 Filed 2016-11-03
10-K 2016-06-30 Filed 2016-07-27
10-Q 2016-03-31 Filed 2016-04-27
10-Q 2015-12-31 Filed 2016-02-09
10-Q 2015-09-30 Filed 2015-10-28
10-K 2015-06-30 Filed 2015-07-29
10-Q 2015-03-31 Filed 2015-04-28
10-Q 2014-12-31 Filed 2015-01-27
10-Q 2014-09-30 Filed 2014-10-23
10-K 2014-06-30 Filed 2014-07-31
10-Q 2014-03-31 Filed 2014-04-24
10-Q 2013-12-31 Filed 2014-01-23
10-Q 2013-09-30 Filed 2013-10-31
10-K 2013-06-30 Filed 2013-08-01
10-Q 2013-03-31 Filed 2013-04-25
10-Q 2012-12-31 Filed 2013-01-25
10-Q 2012-09-30 Filed 2012-11-01
10-K 2012-06-30 Filed 2012-08-10
10-Q 2012-03-31 Filed 2012-05-02
10-Q 2011-12-31 Filed 2012-02-02
10-Q 2011-09-30 Filed 2011-10-27
10-K 2011-06-30 Filed 2011-08-15
10-Q 2011-03-31 Filed 2011-04-28
10-Q 2010-12-31 Filed 2011-02-03
10-K 2010-06-30 Filed 2010-08-20
10-Q 2010-03-31 Filed 2010-04-30
10-Q 2009-12-31 Filed 2010-02-04
8-K 2020-11-05
8-K 2020-09-14
8-K 2020-08-14
8-K 2020-08-06
8-K 2020-04-30
8-K 2020-04-01
8-K 2020-02-18
8-K 2020-02-04
8-K 2020-02-03
8-K 2020-02-03
8-K 2020-01-30
8-K 2019-12-24
8-K 2019-11-10
8-K 2019-10-31
8-K 2019-10-31
8-K 2019-09-04
8-K 2019-08-01
8-K 2019-05-01
8-K 2019-01-31
8-K 2018-10-31
8-K 2018-09-05
8-K 2018-08-02
8-K 2018-07-11
8-K 2018-05-30
8-K 2018-05-09
8-K 2018-01-30

OTEX 10Q Quarterly Report

Note 1 - Basis of Presentation
Note 2 - Recent Accounting Pronouncements
Note 3 - Revenues
Note 4 - Allowance for Credit Losses
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 - Accumulated Other Comprehensive Income
Note 21 - Supplemental Cash Flow Disclosures
Note 22 - Other Income (Expense), Net
Note 23 - Earnings (Loss) per Share
Note 24 - Related Party Transactions
Note 25 - Subsequent Event
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-31.1 exhibit311q2-2110xq.htm
EX-31.2 exhibit312q2-2110xq.htm
EX-32.1 exhibit321q2-2110xq.htm
EX-32.2 exhibit322q2-2110xq.htm

OpenText Earnings 2020-12-31

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
1.00.80.60.40.20.02012201420172020
Rev, G Profit, Net Income
0.90.4-0.1-0.7-1.2-1.72012201420172020
Ops, Inv, Fin

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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, 2020.
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)  
______________________
Canada98-0154400
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.)
275 Frank Tompa Drive,N2L 0A1
Waterloo, OntarioCanada
(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 valueOTEXNASDAQ Global Select Market
Securities registered pursuant to Section 12(g) of the Act:
None
(Title of Class)
______________________________________

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 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 February 2, 2021, there were 272,786,642 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, 2020 (unaudited) and June 30, 2020
Condensed Consolidated Statements of Income (Loss) - Three and Six Months Ended December 31, 2020 and 2019 (unaudited)
Condensed Consolidated Statements of Comprehensive Income (Loss) - Three and Six Months Ended December 31, 2020 and 2019 (unaudited)
Condensed Consolidated Statements of Shareholders' Equity - Three and Six Months Ended December 31, 2020 and 2019 (unaudited)
Condensed Consolidated Statements of Cash Flows - Six Months Ended December 31, 2020 and 2019 (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, 2020June 30, 2020
ASSETS(unaudited)
Cash and cash equivalents$1,500,561 $1,692,850 
Accounts receivable trade, net of allowance for credit losses of $22,845 as of December 31, 2020 and $20,906 as of June 30, 2020 (note 1 and note 4)
445,841 466,357 
Contract assets (note 3)27,460 29,570 
Income taxes recoverable (note 15)24,517 61,186 
Prepaid expenses and other current assets130,177 136,436 
Total current assets2,128,556 2,386,399 
Property and equipment (note 5)227,434 244,555 
Operating lease right of use assets (note 6)235,142 207,869 
Long-term contract assets (note 3)18,175 15,427 
Goodwill (note 7)4,696,349 4,672,356 
Acquired intangible assets (note 8)1,402,928 1,612,564 
Deferred tax assets (note 15)866,788 911,565 
Other assets (note 9)164,238 154,467 
Long-term income taxes recoverable (note 15)29,488 29,620 
Total assets$9,769,098 $10,234,822 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities (note 10)$348,080 $373,314 
Current portion of long-term debt (note 11)10,000 610,000 
Operating lease liabilities (note 6)59,874 64,071 
Deferred revenues (note 3)798,340 812,218 
Income taxes payable (note 15)320,084 44,630 
Total current liabilities1,536,378 1,904,233 
Long-term liabilities:
Accrued liabilities (note 10)28,334 34,955 
Pension liability (note 12)83,271 73,129 
Long-term debt (note 11)3,581,565 3,584,311 
Long-term operating lease liabilities (note 6)227,265 217,165 
Long-term deferred revenues (note 3)97,083 94,382 
Long-term income taxes payable (note 15)32,794 171,200 
Deferred tax liabilities (note 15)179,161 148,738 
Total long-term liabilities4,229,473 4,323,880 
Shareholders’ equity:
Share capital and additional paid-in capital (note 13)
272,588,542 and 271,863,354 Common Shares issued and outstanding at December 31, 2020 and June 30, 2020, respectively; authorized Common Shares: unlimited
1,889,857 1,851,777 
Accumulated other comprehensive income (note 20)66,476 17,825 
Retained earnings2,093,076 2,159,396 
Treasury stock, at cost (1,101,370 and 622,297 shares at December 31, 2020 and June 30, 2020, respectively)
(47,555)(23,608)
Total OpenText shareholders' equity4,001,854 4,005,390 
Non-controlling interests1,393 1,319 
Total shareholders’ equity4,003,247 4,006,709 
Total liabilities and shareholders’ equity$9,769,098 $10,234,822 
Guarantees and contingencies (note 14)
Related party transactions (note 24)
Subsequent event (note 25)
See accompanying Notes to Condensed Consolidated Financial Statements
3


OPEN TEXT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(In thousands of U.S. dollars, except share and per share data)
(unaudited)
Three Months Ended December 31,Six Months Ended December 31,
2020201920202019
Revenues (note 3):
Cloud services and subscriptions$350,454 $248,340 $691,440 $485,605 
Customer support334,492 315,508 663,891 627,806 
License107,348 138,095 175,871 215,993 
Professional service and other63,350 69,614 128,455 139,041 
Total revenues855,644 771,557 1,659,657 1,468,445 
Cost of revenues:
Cloud services and subscriptions117,882 103,644 230,506 205,806 
Customer support29,668 29,788 58,862 59,175 
License4,302 3,050 6,791 5,373 
Professional service and other46,619 53,604 93,200 107,942 
Amortization of acquired technology-based intangible assets (note 8)54,091 42,299 112,128 82,597 
Total cost of revenues252,562 232,385 501,487 460,893 
Gross profit603,082 539,172 1,158,170 1,007,552 
Operating expenses:
Research and development100,238 80,283 194,141 161,461 
Sales and marketing147,897 137,310 280,297 265,928 
General and administrative62,765 54,595 118,954 106,130 
Depreciation20,280 20,712 42,283 40,989 
Amortization of acquired customer-based intangible assets (note 8)54,926 51,460 109,919 100,618 
Special charges (recoveries) (note 18)(17,494)10,072 (4,250)15,173 
Total operating expenses368,612 354,432 741,344 690,299 
Income from operations234,470 184,740 416,826 317,253 
Other income (expense), net (note 22)5,251 1,972 8,134 (813)
Interest and other related expense, net(37,595)(32,376)(76,684)(64,586)
Income before income taxes202,126 154,336 348,276 251,854 
Provision for (recovery of) income taxes (note 15)267,559 46,818 310,303 69,909 
Net income (loss) for the period$(65,433)$107,518 $37,973 $181,945 
Net (income) loss attributable to non-controlling interests(44)(51)(74)(77)
Net income (loss) attributable to OpenText$(65,477)$107,467 $37,899 $181,868 
Earnings (loss) per share—basic attributable to OpenText (note 23)$(0.24)$0.40 $0.14 $0.67 
Earnings (loss) per share—diluted attributable to OpenText (note 23)$(0.24)$0.40 $0.14 $0.67 
Weighted average number of Common Shares outstanding—basic (in '000's)272,433 270,450 272,210 270,232 
Weighted average number of Common Shares outstanding—diluted (in '000's)272,433 271,590 273,019 271,328 

See accompanying Notes to Condensed Consolidated Financial Statements
4


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

 Three Months Ended December 31,Six Months Ended December 31,
 2020201920202019
Net income (loss) for the period$(65,433)$107,518 $37,973 $181,945 
Other comprehensive income (loss)—net of tax:
Net foreign currency translation adjustments26,065 4,875 48,710 (736)
Unrealized gain (loss) on cash flow hedges:
Unrealized gain (loss) - net of tax expense (recovery) effect of $751 and $301 for the three months ended December 31, 2020 and 2019, respectively; $1,056 and $95 for the six months ended December 31, 2020 and 2019, respectively
2,082 833 2,927 261 
(Gain) loss reclassified into net income (loss) - net of tax (expense) recovery effect of ($227) and ($26) for the three months ended December 31, 2020 and 2019, respectively; ($283) and ($23) for the six months ended December 31, 2020 and 2019, respectively
(628)(72)(784)(64)
Actuarial gain (loss) relating to defined benefit pension plans:
Actuarial gain (loss) - net of tax expense (recovery) effect of ($441) and $1,308 for the three months ended December 31, 2020 and 2019, respectively; ($1,357) and $59 for the six months ended December 31, 2020 and 2019, respectively
(981)3,698 (2,686)614 
Amortization of actuarial (gain) loss into net income (loss) - net of tax (expense) recovery effect of $93 and $97 for the three months ended December 31, 2020 and 2019, respectively; $180 and $243 for the six months ended December 31, 2020 and 2019, respectively
243 260 484 491 
Total other comprehensive income (loss) net, for the period26,781 9,594 48,651 566 
Total comprehensive income (loss)(38,652)117,112 86,624 182,511 
Comprehensive (income) loss attributable to non-controlling interests(44)(51)(74)(77)
Total comprehensive income (loss) attributable to OpenText$(38,696)$117,061 $86,550 $182,434 

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, 2020
 Common Shares and Additional Paid in CapitalTreasury StockRetained
Earnings
Accumulated  Other
Comprehensive
Income
Non-Controlling InterestsTotal
 SharesAmountSharesAmount
Balance as of September 30, 2020272,174 $1,872,411 (1,394)$(58,788)$2,213,053 $39,695 $1,349 $4,067,720 
Issuance of Common Shares
Under employee stock option plans213 6,893 — — — — — 6,893 
Under employee stock purchase plans202 7,260 — — — — — 7,260 
Share-based compensation— 14,526 — — — — — 14,526 
Issuance of treasury stock— (11,233)293 11,233 — — —  
Dividends declared
($0.2008 per Common Share)
— — — — (54,500)— — (54,500)
Other comprehensive income - net— — — — — 26,781 — 26,781 
Net income (loss) for the quarter— — — — (65,477)— 44 (65,433)
Balance as of December 31, 2020272,589 $1,889,857 (1,101)$(47,555)$2,093,076 $66,476 $1,393 $4,003,247 

Three Months Ended December 31, 2019
 Common Shares and Additional Paid in CapitalTreasury StockRetained
Earnings
Accumulated  Other
Comprehensive
Income
Non-Controlling InterestsTotal
SharesAmountSharesAmount
Balance as of September 30, 2019270,190 $1,791,689 (1,103)$(41,190)$2,141,278 $15,096 $1,241 $3,908,114 
Issuance of Common Shares
Under employee stock option plans231 6,783 — — — — — 6,783 
Under employee stock purchase plans188 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 - net— — — — — 9,594 — 9,594 
Net income for the quarter— — — — 107,467 — 51 107,518 
Balance as of December 31, 2019270,609 $1,803,663 (847)$(32,066)$2,201,653 $24,690 $1,292 $3,999,232 




6


Six Months Ended December 31, 2020
Common Shares and Additional Paid in CapitalTreasury StockRetained
Earnings
Accumulated  Other
Comprehensive
Income
Non-Controlling InterestsTotal
SharesAmountSharesAmount
Balance as of June 30, 2020271,863 $1,851,777 (622)$(23,608)$2,159,396 $17,825 $1,319 $4,006,709 
Adoption of ASU 2016-13 - cumulative effect, net (note 1)
— — — — (2,450)— — (2,450)
Issuance of Common Shares
Under employee stock option plans524 15,498 — — — — — 15,498 
Under employee stock purchase plans202 7,553 193 6,690 — — — 14,243 
Share-based compensation— 26,262 — — — — — 26,262 
Purchase of treasury stock— — (965)(41,870)— — — (41,870)
Issuance of treasury stock— (11,233)293 11,233 — — —  
Dividends declared
($0.3754 per Common Share)
— — — — (101,769)— — (101,769)
Other comprehensive income - net— — — — — 48,651 — 48,651 
Net income for the period— — — — 37,899 — 74 37,973 
Balance as of December 31, 2020272,589 $1,889,857 (1,101)$(47,555)$2,093,076 $66,476 $1,393 $4,003,247 

Six Months Ended December 31, 2019
Common Shares and Additional Paid in CapitalTreasury StockRetained
Earnings
Accumulated  Other
Comprehensive
Income
Non-Controlling InterestsTotal
SharesAmountSharesAmount
Balance as of June 30, 2019269,834 $1,774,214 (803)$(28,766)$2,113,883 $24,124 $1,215 $3,884,670 
Issuance of Common Shares
Under employee stock option plans415 11,359 — — — — — 11,359 
Under employee stock purchase plans360 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 - net— — — — — 566 — 566 
Net income for the period— — —