OpenText Reports Third 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 March 31,


Nine Months Ended March 31,


2015


2014


2015


2014

Cash flows from operating activities:








Net income for the period

$

26,491



$

45,796



$

165,637



$

129,926


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








Depreciation and amortization of intangible assets

63,195



52,353



175,562



129,983


Share-based compensation expense

6,562



4,418



15,940



15,707


Excess tax benefits on share-based compensation expense

16



(594)



(1,611)



(1,675)


Pension expense

1,180



1,174



3,602



1,964


Amortization of debt issuance costs

1,135



1,016



3,410



2,060


Amortization of deferred charges and credits

2,630



2,706



7,893



8,640


Loss on sale and write down of property and equipment

118





118



15


Deferred taxes

(5,256)



(1,005)



(4,037)



(4,203)


Release of unrealized gain on marketable securities to income

(3,098)





(3,098)




Write off of unamortized debt issuance costs

2,919





2,919




Changes in operating assets and liabilities:








Accounts receivable

36,311



9,953



76,560



19,129


Prepaid expenses and other current assets

(3,304)



(14,464)



(4,001)



(18,625)


Income taxes

(10,245)



3,169



1,354



5,578


Deferred charges and credits



1,382





9,870


Accounts payable and accrued liabilities

(16,421)



(22,032)



(53,747)



(32,878)


Deferred revenue

39,450



60,156



6,705



20,022


Other assets

1,428



(2,614)



(1,992)



(3,300)


Net cash provided by operating activities

143,111



141,414



391,214



282,213


Cash flows from investing activities:








Additions of property and equipment

(12,325)



(8,215)



(60,586)



(28,443)


Proceeds from maturity of short-term investments

7,092





7,092




Purchase of patents







(192)


Purchase of Actuate Corporation, net of cash acquired

(291,768)





(291,768)




Purchase of Informative Graphics Corporation, net of cash acquired

(35,180)





(35,180)




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



(1,077,671)





(1,077,671)


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







(30,588)


Purchase of a division of Spicer Corporation





(222)




Purchase consideration for prior period acquisitions

(147)



(222)



(590)



(665)


Other investing activities

(482)



(1,573)



(8,915)



(2,547)


Net cash used in investing activities

(332,810)



(1,087,681)



(390,169)



(1,140,106)


Cash flows from financing activities:








Excess tax benefits on share-based compensation expense

(16)



594



1,611



1,675


Proceeds from issuance of Common Shares

3,689



14,289



12,827



19,718


Equity issuance costs



(144)





(144)


Purchase of Treasury Stock

(1,251)



(1,275)



(1,251)



(1,275)


Proceeds from long-term debt

800,000



800,000



800,000



800,000


Repayment of long-term debt

(493,655)



(13,412)



(520,485)



(32,499)


Debt issuance costs

(16,673)



(15,759)



(18,076)



(16,032)


Payments of dividends to shareholders

(21,075)



(18,224)



(63,174)



(53,692)


Net cash used in financing activities

271,019



766,069



211,452



717,751


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

(10,953)



915



(27,210)



5,768


Increase (decrease) in cash and cash equivalents during the period

70,367



(179,283)



185,287



(134,374)


Cash and cash equivalents at beginning of the period

542,810



515,354



427,890



470,445


Cash and cash equivalents at end of the period

$

613,177



$

336,071



$

613,177



$

336,071



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