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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 March 31, 2022.
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

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 pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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 May 2, 2022, there were 270,483,039 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 March 31, 2022 (unaudited) and June 30, 2021
Condensed Consolidated Statements of Income - Three and Nine Months Ended March 31, 2022 and 2021 (unaudited)
Condensed Consolidated Statements of Comprehensive Income - Three and Nine Months Ended March 31, 2022 and 2021 (unaudited)
Condensed Consolidated Statements of Shareholders' Equity - Three and Nine Months Ended March 31, 2022 and 2021 (unaudited)
Condensed Consolidated Statements of Cash Flows - Nine Months Ended March 31, 2022 and 2021 (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 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.Exhibits
Signatures

2


Part I - Financial Information
Item 1.         Financial Statements
OPEN TEXT CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars, except share data)
March 31, 2022June 30, 2021
ASSETS(unaudited)
Cash and cash equivalents$1,633,702 $1,607,306 
Accounts receivable trade, net of allowance for credit losses of $16,439 as of March 31, 2022 and $22,151 as of June 30, 2021 (note 4)
429,877 438,547 
Contract assets (note 3)25,481 25,344 
Income taxes recoverable (note 15)20,781 32,312 
Prepaid expenses and other current assets (note 9)122,616 98,551 
Total current assets2,232,457 2,202,060 
Property and equipment (note 5)227,830 233,595 
Operating lease right of use assets (note 6)217,684 234,532 
Long-term contract assets (note 3)20,049 19,222 
Goodwill (note 7)5,265,189 4,691,673 
Acquired intangible assets (note 8)1,181,266 1,187,260 
Deferred tax assets (note 15)717,345 796,738 
Other assets (note 9)257,301 208,894 
Long-term income taxes recoverable (note 15)43,518 35,362 
Total assets$10,162,639 $9,609,336 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities (note 10)$404,545 $423,592 
Current portion of long-term debt (note 11)10,000 10,000 
Operating lease liabilities (note 6)59,182 58,315 
Deferred revenues (note 3)936,750 852,629 
Income taxes payable (note 15)7,483 17,368 
Total current liabilities1,417,960 1,361,904 
Long-term liabilities:
Accrued liabilities (note 10)16,631 28,830 
Pension liability (note 12)76,364 74,511 
Long-term debt (note 11)4,210,582 3,578,859 
Long-term operating lease liabilities (note 6)203,101 224,453 
Long-term deferred revenues (note 3)90,736 98,989 
Long-term income taxes payable (note 15)35,206 34,113 
Deferred tax liabilities (note 15)56,208 108,224 
Total long-term liabilities4,688,828 4,147,979 
Shareholders’ equity:
Share capital and additional paid-in capital (note 13)
270,231,166 and 271,540,755 Common Shares issued and outstanding at March 31, 2022 and June 30, 2021, respectively; authorized Common Shares: unlimited
2,010,146 1,947,764 
Accumulated other comprehensive income (note 20)17,266 66,238 
Retained earnings2,151,369 2,153,326 
Treasury stock, at cost (2,776,420 and 1,567,664 shares at March 31, 2022 and June 30, 2021, respectively)
(124,033)(69,386)
Total OpenText shareholders' equity4,054,748 4,097,942 
Non-controlling interests1,103 1,511 
Total shareholders’ equity4,055,851 4,099,453 
Total liabilities and shareholders’ equity$10,162,639 $9,609,336 
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
(In thousands of U.S. dollars, except share and per share data)
(unaudited)

Three Months Ended March 31,Nine Months Ended March 31,
2022202120222021
Revenues (note 3):
Cloud services and subscriptions$401,947 $355,845 $1,123,422 $1,047,285 
Customer support332,514 335,915 1,002,626 999,806 
License80,641 76,299 263,663 252,170 
Professional service and other67,181 64,872 201,679 193,327 
Total revenues882,283 832,931 2,591,390 2,492,588 
Cost of revenues:
Cloud services and subscriptions136,020 123,729 377,928 354,235 
Customer support31,763 30,953 90,914 89,815 
License3,196 2,810 10,906 9,601 
Professional service and other56,693 50,321 161,459 143,521 
Amortization of acquired technology-based intangible assets (note 8)46,564 53,453 152,333 165,581 
Total cost of revenues274,236 261,266 793,540 762,753 
Gross profit608,047 571,665 1,797,850 1,729,835 
Operating expenses:
Research and development117,730 110,071 321,517 304,212 
Sales and marketing180,955 158,687 491,133 438,984 
General and administrative88,137 71,548 231,127 190,502 
Depreciation22,370 21,961 65,535 64,244 
Amortization of acquired customer-based intangible assets (note 8)56,215 54,156 160,764 164,075 
Special charges (recoveries) (note 18)11,031 2,846 20,592 (1,404)
Total operating expenses476,438 419,269 1,290,668 1,160,613 
Income from operations131,609 152,396 507,182 569,222 
Other income (expense), net (note 22)24,392 8,283 29,137 16,417 
Interest and other related expense, net(40,238)(37,333)(117,538)(114,017)
Income before income taxes115,763 123,346 418,781 471,622 
Provision for income taxes (note 15)41,041 31,818 123,757 342,121 
Net income for the period$74,722 $91,528 $295,024 $129,501 
Net (income) loss attributable to non-controlling interests(41)(38)(130)(112)
Net income attributable to OpenText$74,681 $91,490 $294,894 $129,389 
Earnings per share—basic attributable to OpenText (note 23)$0.28 $0.34 $1.09 $0.47 
Earnings per share—diluted attributable to OpenText (note 23)$0.28 $0.33 $1.08 $0.47 
Weighted average number of Common Shares outstanding—basic (in '000's)270,693 272,832 271,623 272,414 
Weighted average number of Common Shares outstanding—diluted (in '000's)271,211 273,924 272,439 273,312 

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 March 31,Nine Months Ended March 31,
 2022202120222021
Net income for the period$74,722 $91,528 $295,024 $129,501 
Other comprehensive income (loss)—net of tax:
Net foreign currency translation adjustments(13,073)(12,568)(44,512)36,142 
Unrealized gain (loss) on cash flow hedges:
Unrealized gain (loss) - net of tax expense (recovery) effect of $233 and $246 for the three months ended March 31, 2022 and 2021, respectively; ($158) and $1,302 for the nine months ended March 31, 2022 and 2021, respectively
648 681 (334)3,608 
(Gain) loss reclassified into net income - net of tax (expense) recovery effect of $79 and ($399) for the three months ended March 31, 2022 and 2021, respectively; ($24) and ($682) for the nine months ended March 31, 2022 and 2021, respectively
219 (1,108)(86)(1,892)
Actuarial gain (loss) relating to defined benefit pension plans:
Actuarial gain (loss) - net of tax expense (recovery) effect of ($579) and $944 for the three months ended March 31, 2022 and 2021, respectively; ($811) and ($413) for the nine months ended March 31, 2022 and 2021, respectively
(2,033)344 (4,517)(2,342)
Amortization of actuarial (gain) loss into net income - net of tax (expense) recovery effect of $66 and $95 for the three months ended March 31, 2022 and 2021, respectively; $134 and $275 for the nine months ended March 31, 2022 and 2021, respectively
156 249 477 733 
Total other comprehensive income (loss) net, for the period(14,083)(12,402)(48,972)36,249 
Total comprehensive income 60,639 79,126 246,052 165,750 
Comprehensive (income) loss attributable to non-controlling interests
(41)(38)(130)(112)
Total comprehensive income attributable to OpenText$60,598 $79,088 $245,922 $165,638 

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 March 31, 2022
Common Shares and Additional Paid in CapitalTreasury StockRetained
Earnings
Accumulated  Other
Comprehensive
Income
Non-Controlling InterestsTotal
SharesAmountSharesAmount
Balance as of December 31, 2021
271,006 $1,990,913 (1,476)$(67,966)$2,174,467 $31,349 $1,062 $4,129,825 
Issuance of Common Shares
Under employee stock option plans53 1,863 — — — — — 1,863 
Under employee stock purchase plans172 7,003 — — — — — 7,003 
Share-based compensation— 16,748 — — — — — 16,748 
Purchase of treasury stock— — (1,300)(56,067)— — — (56,067)
Repurchase of Common Shares(1,000)(6,381)— — (38,702)— — (45,083)
Dividends declared
($0.2209 per Common Share)
— — — — (59,077)— — (59,077)
Other comprehensive income (loss) - net— — — — — (14,083)— (14,083)
Net income for the period— — — — 74,681 — 41 74,722 
Balance as of March 31, 2022
270,231 $2,010,146 (2,776)$(124,033)$2,151,369 $17,266 $1,103 $4,055,851 

Three Months Ended March 31, 2021
Common Shares and Additional Paid in CapitalTreasury StockRetained
Earnings
Accumulated  Other
Comprehensive
Income
Non-Controlling InterestsTotal
SharesAmountSharesAmount
Balance as of December 31, 2020
272,589 $1,889,857 (1,101)$(47,555)$2,093,076 $66,476 $1,393 $4,003,247 
Issuance of Common Shares
Under employee stock option plans219 8,270 — — — — — 8,270 
Under employee stock purchase plans165 6,421 — — — — — 6,421 
Share-based compensation— 12,357 — — — — — 12,357 
Purchase of treasury stock— — (490)(22,977)— — — (22,977)
Issuance of treasury stock— (1,146)23 1,146 — — —  
Dividends declared
($0.2008 per Common Share)
— — — — (54,519)— — (54,519)
Other comprehensive income (loss) - net— — — — — (12,402)— (12,402)
Net income for the period— — — — 91,490 — 38 91,528 
Balance as of March 31, 2021
272,973 $1,915,759 (1,568)$(69,386)$2,130,047 $54,074 $1,431 $4,031,925 









6


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

Nine Months Ended March 31, 2022
Common Shares and Additional Paid in CapitalTreasury StockRetained
Earnings
Accumulated  Other
Comprehensive
Income
Non-Controlling InterestsTotal
SharesAmountSharesAmount
Balance as of June 30, 2021
271,541 $1,947,764 (1,568)$(69,386)$2,153,326 $66,238 $1,511 $4,099,453 
Issuance of Common Shares
Under employee stock option plans905 31,128 — — — — — 31,128 
Under employee stock purchase plans595 24,913 — — — — — 24,913 
Share-based compensation— 45,091 — — — — — 45,091 
Purchase of treasury stock— — (1,700)(75,660)— — — (75,660)
Issuance of treasury stock— (21,013)492 21,013 — — —  
Repurchase of Common Shares(2,810)(17,879)— — (118,238)— — (136,117)
Dividends declared
($0.6627 per Common Share)
— — — — (178,613)— — (178,613)
Other comprehensive income (loss) - net— — — — — (48,972)— (48,972)
Distribution to non-controlling interest— 142 — — — — (538)(396)
Net income for the period— — — — 294,894 — 130 295,024 
Balance as of March 31, 2022
270,231 $2,010,146 (2,776)$(124,033)$2,151,369 $17,266 $1,103 $4,055,851 



Nine Months Ended March 31, 2021
Common Shares and Additional Paid in CapitalTreasury StockRetained
Earnings
Accumulated  Other
Comprehensive
Income
Non-Controlling InterestsTotal
SharesAmountSharesAmount
Balance as of June 30, 2020
271,863 $1,851,777 (622)$(23,608)$2,159,396 $17,825 $1,319 $4,006,709 
Adoption of ASU 2016-13 - cumulative effect, net
— — — — (2,450)— — (2,450)
Issuance of Common Shares
Under employee stock option plans743 23,768 — — — — — 23,768 
Under employee stock purchase plans367 13,974 193 6,690 — — — 20,664 
Share-based compensation— 38,619 — — — — — 38,619 
Purchase of treasury stock— — (1,455)(64,847)— — — (64,847)
Issuance of treasury stock— (12,379)316 12,379 — — —  
Dividends declared
($0.5762 per Common Share)
— — — — (156,288)— — (156,288)
Other comprehensive income (loss) - net— — — — — 36,249 — 36,249 
Net income for the period— — — — 129,389 — 112 129,501 
Balance as of March 31, 2021
272,973 $1,915,759 (1,568)$(69,386)$2,130,047 $54,074 $1,431 $4,031,925 

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)
Nine Months Ended March 31,
 20222021
Cash flows from operating activities:
Net income for the period$295,024 $129,501 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangible assets378,632 393,900 
Share-based compensation expense45,091 38,619 
Pension expense4,883 4,670 
Amortization of debt issuance costs3,936 3,395 
Loss on extinguishment of debt27,413  
Loss on sale and write down of property and equipment96 1,979 
Deferred taxes43,332 80,844 
Share in net (income) loss of equity investees(59,103)(20,020)
Changes in operating assets and liabilities:
Accounts receivable68,428 87,072 
Contract assets(27,208)(29,035)
Prepaid expenses and other current assets(15,722)(2,528)
Income taxes(11,235)(117,594)
Accounts payable and accrued liabilities(65,738)(27,327)
Deferred revenue25,642 62,600 
Other assets16,527 765 
Operating lease assets and liabilities, net(128)(26,910)
Net cash provided by operating activities729,870 579,931 
Cash flows from investing activities:
Additions of property and equipment(54,937)(36,267)
Purchase of Zix Corporation, net of cash acquired(856,175) 
Purchase of Bricata Inc.(17,927) 
Purchase of XMedius 444 
Purchase of Dynamic Solutions Group Inc. (371)
Other investing activities(3,922)(2,018)
Net cash used in investing activities(932,961)(38,212)
Cash flows from financing activities:
Proceeds from issuance of Common Shares from exercise of stock options and ESPP56,476 45,780 
Proceeds from long-term debt and Revolver1,500,000  
Repayment of long-term debt and Revolver(857,500)(607,500)
Debt extinguishment costs (note 22)(24,969) 
Debt issuance costs(17,159) 
Repurchase of Common Shares(136,117) 
Purchase of treasury stock(75,660)(64,847)
Distribution to non-controlling interest(396) 
Payments of dividends to shareholders(178,613)(156,288)
Net cash provided by (used in) financing activities266,062 (782,855)
Foreign exchange gain (loss) on cash held in foreign currencies(36,920)22,553 
Increase (decrease) in cash, cash equivalents and restricted cash during the period26,051 (218,583)
Cash, cash equivalents and restricted cash at beginning of the period1,609,800 1,697,263 
Cash, cash equivalents and restricted cash at end of the period$1,635,851 $1,478,680 






8


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

Reconciliation of cash, cash equivalents and restricted cash:March 31, 2022March 31, 2021
Cash and cash equivalents$1,633,702 $1,475,626 
Restricted cash (1)
2,149 3,054 
Total cash, cash equivalents and restricted cash$1,635,851 $1,478,680 
(1) Restricted cash is classified under the Prepaid expenses and other current assets and Other assets line items on the Condensed Consolidated Balance Sheets (note 9).
Supplemental cash flow disclosures (note 6 and note 21)

See accompanying Notes to Condensed Consolidated Financial Statements
9


OPEN TEXT CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the Three and Nine Months Ended March 31, 2022
(Tabular amounts in thousands of U.S. dollars, except share and per share data)
(unaudited)
NOTE 1—BASIS OF PRESENTATION
The accompanying Condensed Consolidated Financial Statements include the accounts of Open Text Corporation and our subsidiaries, collectively referred to as “OpenText” or the “Company”. We wholly own all of our subsidiaries with the exception of Open Text South Africa Proprietary Ltd. (OT South Africa), which as of March 31, 2022, was 70% owned by OpenText. All intercompany balances and transactions have been eliminated.
Previously, our ownership in EC1 Pte. Ltd. (GXS Singapore) was 81%. During the first quarter of Fiscal 2022 (as defined below), we made a final cash distribution of $0.4 million to the non-controlling interest holder in GXS Singapore as part of the process to liquidate the subsidiary. During the three months ended March 31, 2022, the liquidation of GXS Singapore was completed.
Throughout this Quarterly Report on Form 10-Q: (i) the term “Fiscal 2022” means our fiscal year beginning on July 1, 2021 and ending June 30, 2022; (ii) the term “Fiscal 2021” means our fiscal year beginning on July 1, 2020 and ended June 30, 2021; (iii) the term “Fiscal 2020” means our fiscal year beginning on July 1, 2019 and ended June 30, 2020; (iv) the term “Fiscal 2019” means our fiscal year beginning on July 1, 2018 and ended June 30, 2019; (v) the term “Fiscal 2018” means our fiscal year beginning on July 1, 2017 and ended June 30, 2018; (vi) the term “Fiscal 2017” means our fiscal year beginning on July 1, 2016 and ended June 30, 2017; (vii) the term “Fiscal 2016” means our fiscal year beginning on July 1, 2015 and ended June 30, 2016; (viii) the term “Fiscal 2015” means our fiscal year beginning on July 1, 2014 and ended June 30, 2015; (ix) the term “Fiscal 2014” means our fiscal year beginning on July 1, 2013 and ended June 30, 2014; (x) the term “Fiscal 2013” means our fiscal year beginning on July 1, 2012 and ended June 30, 2013; and (xi) the term “Fiscal 2012” means our fiscal year beginning on July 1, 2011 and ended June 30, 2012.
These Condensed Consolidated Financial Statements are expressed in U.S. dollars and are prepared in accordance with United States generally accepted accounting principles (U.S. GAAP). The information furnished reflects all adjustments necessary for a fair presentation of the results for the periods presented.
Use of estimates
The preparation of financial statements in conformity with U.S. GAAP requires us to make certain estimates, judgments and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements. These estimates, judgments and assumptions are evaluated on an ongoing basis. We base our estimates on historical experience and on various other assumptions that we believe are reasonable at that time, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from those estimates. In particular, key estimates, judgments and assumptions include those related to: (i) revenue recognition, (ii) accounting for income taxes, (iii) testing of goodwill for impairment, (iv) the valuation of acquired intangible assets, (v) the valuation of long-lived assets, (vi) the recognition of contingencies, (vii) restructuring accruals, (viii) acquisition accruals and pre-acquisition contingencies, (ix) the valuation of stock options granted and obligations related to share-based payments, including the valuation of our long-term incentive plans, and (x) the valuation of pension obligations.
In March 2020, COVID-19 was characterized as a pandemic by the World Health Organization. The spread of COVID-19 continues to impact the global economy. As the impacts of the pandemic continue to evolve, estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require increased judgment. As of March 31, 2022, we have recorded certain estimates resulting from the pandemic, particularly with respect to the COVID-19 Restructuring Plan (as defined herein) and allowance for credit losses, based on management's estimates and assumptions utilizing the most currently available information. Such estimates may be subject to change particularly given the unprecedented nature of the COVID-19 pandemic. We will continue to monitor the potential impact of COVID-19 on our financial statements and related disclosures, including the need for additional estimates going forward, which could include costs related to potential items such as special charges (recoveries), restructurings, asset impairments and other non-recurring costs. Please see note 18 “Special Charges (Recoveries)” and “Risk Factors” included within Part II, Item 1A of this Quarterly Report on Form 10-Q and Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for Fiscal 2021.

10


NOTE 2—RECENT ACCOUNTING PRONOUNCEMENTS
Accounting Pronouncements Adopted in Fiscal 2022
During Fiscal 2022, we have adopted the following Accounting Standards Update (ASU) that did not have a material impact to our reported financial position, results of operations or cash flows:
ASU 2019-12 “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”
Business Combinations
In October 2021, the Financial Accounting Standards Board (FASB) issued ASU 2021-08 “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” This standard requires contract assets and contract liabilities acquired in a business combination to be recognized and measured as if the acquirer had originated the original contract in accordance with Accounting Standards Codification (ASC) Topic 606. Previously, contract assets and contract liabilities were measured at fair value.
The standard is effective for us in our fiscal year ending June 30, 2024, with early adoption permitted. We elected to early adopt the ASU during our second quarter of Fiscal 2022. Early adoption required retrospective adoption to business combinations completed on or after July 1, 2021 and prospective adoption to business combinations occurring on or after the date of adoption. There was no retrospective impact of early adoption as we did not have acquisitions during our first quarter of Fiscal 2022. Acquisitions disclosed in note 19 “Acquisitions” are in accordance with ASU 2021-08. The adoption will not have a material impact to our reported financial position, results of operations or cash flows.
NOTE 3—REVENUES
Disaggregation of Revenue
We have four revenue streams: cloud services and subscriptions, customer support, license, and professional service and other. The following tables disaggregate our revenue by significant geographic area, based on the location of our direct end customer, by type of performance obligation and timing of revenue recognition for the periods indicated:
Three Months Ended March 31,Nine Months Ended March 31,
2022202120222021
Total Revenues by Geography:
Americas (1)
$