OpenText Reports Second Quarter Fiscal Year 2015 Financial Results

 

 

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

       
 

Three Months Ended December 31,

 

Six Months Ended December 31,

 

2014

   

2013

   

2014

   

2013

 

Cash flows from operating activities:

                     

Net income for the period

$

74,494

   

$

53,500

   

$

139,146

   

$

84,130

 

Adjustments to reconcile net income to net cash provided by operating activities:

                     

Depreciation and amortization of intangible assets

56,035

   

32,365

   

112,367

   

77,630

 

Share-based compensation expense

4,929

   

6,677

   

9,378

   

11,289

 

Excess tax benefits on share-based compensation expense

(1,232)

   

(1,008)

   

(1,627)

   

(1,081)

 

Pension expense

1,202

   

437

   

2,422

   

790

 

Amortization of debt issuance costs

1,132

   

519

   

2,275

   

1,044

 

Amortization of deferred charges and credits

2,632

   

2,967

   

5,263

   

5,934

 

Loss on sale and write down of property and equipment

   

(6)

   

   

15

 

Deferred taxes

2,764

   

(1,329)

   

1,219

   

(3,198)

 

Changes in operating assets and liabilities:

                     

Accounts receivable

(15,294)

   

(19,602)

   

40,249

   

9,176

 

Prepaid expenses and other current assets

(548)

   

(729)

   

(697)

   

(4,161)

 

Income taxes

(6,207)

   

(5,093)

   

11,599

   

2,409

 

Deferred charges and credits

   

5,788

   

   

8,488

 

Accounts payable and accrued liabilities

(3,187)

   

7,247

   

(37,326)

   

(10,846)

 

Deferred revenue

(5,990)

   

(21,574)

   

(32,745)

   

(40,134)

 

Other assets

(1,158)

   

716

   

(3,420)

   

(686)

 

Net cash provided by operating activities

109,572

   

60,875

   

248,103

   

140,799

 

Cash flows from investing activities:

                     

Additions of property and equipment

(18,026)

   

(11,913)

   

(48,261)

   

(20,228)

 

Purchase of patents

   

(192)

   

   

(192)

 

Purchase of Cordys Holding B.V., net of cash acquired

   

   

   

(30,588)

 

Purchase of a division of Spicer Corporation

(222)

   

   

(222)

   

 

Purchase consideration for prior period acquisitions

(221)

   

(221)

   

(443)

   

(443)

 

Other investing activities

(1,059)

   

526

   

(8,433)

   

(974)

 

Net cash used in investing activities

(19,528)

   

(11,800)

   

(57,359)

   

(52,425)

 

Cash flows from financing activities:

                     

Excess tax benefits on share-based compensation expense

1,232

   

1,008

   

1,627

   

1,081

 

Proceeds from issuance of Common Shares

2,039

   

3,606

   

9,138

   

5,429

 

Repayment of long-term debt

(13,413)

   

(11,419)

   

(26,830)

   

(19,087)

 

Debt issuance costs

(1,220)

   

(273)

   

(1,403)

   

(273)

 

Payments of dividends to shareholders

(21,054)

   

(17,747)

   

(42,099)

   

(35,468)

 

Net cash used in financing activities

(32,416)

   

(24,825)

   

(59,567)

   

(48,318)

 

Foreign exchange gain (loss) on cash held in foreign currencies

(7,304)

   

(43)

   

(16,257)

   

4,853

 

Increase in cash and cash equivalents during the period

50,324

   

24,207

   

114,920

   

44,909

 

Cash and cash equivalents at beginning of the period

492,486

   

491,147

   

427,890

   

470,445

 

Cash and cash equivalents at end of the period

$

542,810

   

$

515,354

   

$

542,810

   

$

515,354

 

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