OpenText Reports Fourth Quarter and Fiscal Year 2015 Financial Results

A replay of the call will be available beginning July 29, 2015 at 7:00 p.m. ET through 11:59 p.m. on August 12, 2015 and can be accessed by dialing 1-855-669-9658 (toll-free) or +1-604-674-8052 (international) and using passcode 1469 followed by the number sign.

Please see below note (2) for a reconciliation of non-U.S. GAAP-based financial measures used in this press release, to U.S. GAAP-based financial measures.

 

About OpenText

OpenText is the largest independent software provider of Enterprise Information Management (EIM). For more information please visit www.opentext.com.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this press release, including statements about the focus of Open Text Corporation ("OpenText" or "the Company") in Fiscal 2016 on growth in earnings and cash flows, creating value through investments in broader Enterprise Information Management (EIM) capabilities, distribution, the Company's presence in the cloud and in growth markets, its financial condition, results of operations and earnings, the update on IRS tax matters including statements concerning received and anticipated NOPAs, purchases of common shares by OpenText pursuant to the NCIB, declaration of quarterly dividends, and other matters, may contain words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates", "may", "could", "would", "might", "will" and variations of these words or similar expressions are considered forward-looking statements or information under applicable securities laws. In addition, any information or statements that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking, and based on our current expectations, forecasts and projections about the operating environment, economies and markets in which we operate. Forward-looking statements reflect our current estimates, beliefs and assumptions, which are based on management's perception of historic trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances, such as certain assumptions about the economy, as well as market, financial and operational assumptions. Management's estimates, beliefs and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and, as such, are subject to change. We can give no assurance that such estimates, beliefs and assumptions will prove to be correct. Such forward-looking statements involve known and unknown risks, uncertainties and other factors and assumptions that may cause the actual results, performance or achievements to differ materially. Such factors include, but are not limited to: (i) the future performance, financial and otherwise, of OpenText; (ii) the ability of OpenText to bring new products and services to market and to increase sales; (iii) the strength of the Company's product development pipeline; (iv) the Company's growth and profitability prospects; (v) the estimated size and growth prospects of the EIM market; (vi) the Company's competitive position in the EIM market and its ability to take advantage of future opportunities in this market; (vii) the benefits of the Company's products and services to be realized by customers; (viii) the demand for the Company's products and services and the extent of deployment of the Company's products and services in the EIM marketplace; and (ix) the Company's financial condition and capital requirements. The risks and uncertainties that may affect forward-looking statements include, but are not limited to: (i) integration of acquisitions and related restructuring efforts, including the quantum of restructuring charges and the timing thereof; (ii) the possibility that the Company may be unable to meet its future reporting requirements under the Securities Exchange Act of 1934, as amended, and the rules promulgated thereunder; (iii) the risks associated with bringing new products and services to market; (iv) fluctuations in currency exchange rates; (v) delays in the purchasing decisions of the Company's customers; (vi) the competition the Company faces in its industry and/or marketplace; (vii) the final determination of litigation, tax audits and other legal proceedings; (viii) the possibility of technical, logistical or planning issues in connection with the deployment of the Company's products or services; (ix) the continuous commitment of the Company's customers; and (x) demand for the Company's products. For additional information with respect to risks and other factors which could occur, see the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the Securities and Exchange Commission (SEC) and other securities regulators. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

OTEX-F

For more information, please contact:

United States:

Greg Secord
Vice President, Investor Relations
Open Text Corporation
San Francisco: 415-963-0825
Email Contact

Canada:

Sonya Mehan
Senior Manager, Investor Relations
Open Text Corporation
Waterloo: 519-888-7111 ext. 2446
Email Contact

Copyright ©2015 Open Text Corporation. OpenText is a trademark or registered trademark of Open Text SA and/or Open Text ULC. The list of trademarks is not exhaustive of other trademarks, registered trademarks, product names, company names, brands and service names mentioned herein are property of Open Text SA or other respective owners. All rights reserved. For more information, visit: http://www.opentext.com/2/global/site-copyright.html_SKU.

 

 

 

 

OPEN TEXT CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars, except share data)

         
 

June 30, 2015

 

June 30, 2014

       

ASSETS

     

Cash and cash equivalents

$

699,999

   

$

427,890

 

Short-term investments

11,166

   

 

Accounts receivable trade, net of allowance for doubtful accounts of $5,987 as of June 30, 2015 and $4,727 as of June 30, 2014

284,131

   

292,929

 

Income taxes recoverable

21,151

   

24,648

 

Prepaid expenses and other current assets

53,191

   

42,053

 

Deferred tax assets

30,711

   

28,215

 

Total current assets

1,100,349

   

815,735

 

Property and equipment

160,419

   

142,261

 

Goodwill

2,161,592

   

1,940,082

 

Acquired intangible assets

679,479

   

725,318

 

Deferred tax assets

155,411

   

161,247

 

Other assets

85,576

   

52,041

 

Deferred charges

37,265

   

52,376

 

Long-term income taxes recoverable

8,404

   

10,638

 

Total assets

$

4,388,495

   

$

3,899,698

 

LIABILITIES AND SHAREHOLDERS' EQUITY

     

Current liabilities:

     

Accounts payable and accrued liabilities

$

241,370

   

$

231,954

 

Current portion of long-term debt

8,000

   

62,582

 

Deferred revenues

358,066

   

332,664

 

Income taxes payable

17,001

   

12,948

 

Deferred tax liabilities

997

   

1,053

 

Total current liabilities

625,434

   

641,201

 

Long-term liabilities:

     

Accrued liabilities

34,682

   

41,999

 

Deferred credits

12,943

   

17,529

 

Pension liability

56,737

   

60,300

 

Long-term debt

1,580,000

   

1,256,750

 

Deferred revenues

28,223

   

17,248

 

Long-term income taxes payable

151,484

   

162,131

 

Deferred tax liabilities

69,185

   

60,373

 

Total long-term liabilities

1,933,254

   

1,616,330

 

Shareholders' equity:

     

Share capital

     

122,293,986 and 121,758,432 Common Shares issued and outstanding at June 30, 2015 and June 30, 2014, respectively; Authorized Common Shares: unlimited

808,010

   

792,834

 

Additional paid-in capital

126,417

   

112,398

 

Accumulated other comprehensive income

51,828

   

39,449

 

Retained earnings

863,015

   

716,317

 

Treasury stock, at cost (625,725 shares at June 30, 2015 and 763,278 at June 30, 2014, respectively)

(19,986)

   

(19,132)

 

Total OpenText shareholders' equity

1,829,284

   

1,641,866

 

Non-controlling interests

523

   

301

 

Total shareholders' equity

1,829,807

   

1,642,167

 

Total liabilities and shareholders' equity

$

4,388,495

   

$

3,899,698

 

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