OpenText Reports Fourth Quarter and Fiscal Year 2015 Financial Results

 

 

 

OPEN TEXT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of U.S. dollars)

   
 

Three Months Ended June 30,

 

2015

 

2014

Cash flows from operating activities:

     

Net income for the period

$

68,769

   

$

88,148

 

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

     

Depreciation and amortization of intangible assets

64,585

   

56,194

 

Share-based compensation expense

6,107

   

4,199

 

Excess tax benefits on share-based compensation expense

(64)

   

(169)

 

Pension expense

1,194

   

1,268

 

Amortization of debt issuance costs

1,146

   

1,131

 

Amortization of deferred charges and credits

2,632

   

2,667

 

Loss on sale and write down of property and equipment

1,250

   

 

Deferred taxes

(10,541)

   

(8,131)

 

Release of unrealized gain on marketable securities to income

   

 

Write off of unamortized debt issuance costs

   

 

Changes in operating assets and liabilities:

     

Accounts receivable

(33,371)

   

(36,315)

 

Prepaid expenses and other current assets

467

   

29,771

 

Income taxes

1,579

   

5,730

 

Deferred charges and credits

   

 

Accounts payable and accrued liabilities

31,033

   

(3,600)

 

Deferred revenue

70

   

(3,421)

 

Other assets

(3,039)

   

(2,558)

 

Net cash provided by operating activities

131,817

   

134,914

 

Cash flows from investing activities:

     

Additions of property and equipment

(16,460)

   

(13,825)

 

Proceeds from maturity of short-term investments

9,925

   

 

Purchase of Actuate Corporation, net of cash acquired

(32)

   

 

Purchase of GXS Group, Inc., net of cash acquired

   

785

 

Purchase consideration for prior period acquisitions

   

(222)

 

Other investing activities

(1,659)

   

 

Net cash used in investing activities

(8,226)

   

(13,262)

 

Cash flows from financing activities:

     

Excess tax benefits on share-based compensation expense

64

   

169

 

Proceeds from issuance of Common Shares

2,413

   

5,090

 

Purchase of Treasury Stock

(8,875)

   

 

Repayment of long-term debt

(9,799)

   

(13,412)

 

Debt issuance costs

(195)

   

(653)

 

Payments of dividends to shareholders

(24,455)

   

(21,001)

 

Net cash used in (provided by) financing activities

(40,847)

   

(29,807)

 

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

4,078

   

(26)

 

Increase in cash and cash equivalents during the period

86,822

   

91,819

 

Cash and cash equivalents at beginning of the period

613,177

   

336,071

 

Cash and cash equivalents at end of the period

$

699,999

   

$

427,890

 

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