OpenText Reports Third Quarter Fiscal Year 2018 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,


2018


2017


2018


2017

Cash flows from operating activities:








Net income for the period

$

58,800



$

21,712



$

180,407



$

979,657


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








Depreciation and amortization of intangible assets

117,158



96,667



339,252



242,644


Share-based compensation expense

5,080



6,661



20,473



22,373


Excess tax expense (benefits) on share-based compensation expense



(1,044)





(1,586)


Pension expense

965



892



2,834



2,953


Amortization of debt issuance costs

1,303



1,127



3,835



3,781


Amortization of deferred charges and credits

941



2,146



3,175



6,438


Loss on sale and write down of property and equipment

326





489




Release of unrealized gain on marketable securities to income





(841)




Deferred taxes

18,266



(22,011)



62,640



(890,244)


Share in net (income) loss of equity investees

307



(160)



503



(6,153)


Write off of unamortized debt issuance costs



833





833


Other non-cash charges







1,033


Changes in operating assets and liabilities:








Accounts receivable

(6,240)



(37,551)



(55,698)



(37,095)


Prepaid expenses and other current assets

(5,152)



(18,119)



(10,535)



(6,234)


Income taxes and deferred charges and credits

(23,651)



11,190



(22,068)



1,570


Accounts payable and accrued liabilities

(19,779)



40,516



(92,278)



16,521


Deferred revenue

123,550



54,659



74,704



6,917


Other assets

(1,197)



(1,215)



(2,466)



(6,635)


Net cash provided by operating activities

270,677



156,303



504,426



336,773


Cash flows from investing activities:








Additions of property and equipment

(27,101)



(17,797)



(83,038)



(50,071)


Proceeds from maturity of short-term investments







9,212


Purchase of Hightail Inc.

(20,466)





(20,466)




Purchase of Guidance Software,  net of cash acquired





(229,275)




Purchase of Covisint Corporation, net of cash acquired





(71,279)




Purchase of ECD Business



(1,622,394)





(1,622,394)


Purchase of HP Inc. CCM Business







(315,000)


Purchase of Recommind, Inc.







(170,107)


Purchase consideration for acquisitions completed prior to Fiscal 2017







(7,146)


Other investing activities

(3,118)



(2,450)



(11,179)



(3,013)


Net cash used in investing activities

(50,685)



(1,642,641)



(415,237)



(2,158,519)


Cash flows from financing activities:








Excess tax (expense) benefits on share-based compensation expense



1,044





1,586


Proceeds from issuance of long-term debt and revolver



225,000



200,000



481,875


Proceeds from issuance of Common Shares from exercise of stock options and ESPP

36,442



15,967



66,064



26,668


Proceeds from issuance of Common shares under public Equity Offering







604,223


Repayment of long-term debt and revolver

(101,940)



(1,940)



(105,820)



(5,940)


Debt issuance costs



(2,045)





(6,200)


Equity issuance costs



(1,345)





(19,472)


Purchase of treasury stock



(4,245)





(4,245)


Payments of dividends to shareholders

(35,168)



(30,303)



(104,996)



(85,953)


Net cash provided by (used in) financing activities

(100,666)



202,133



55,248



992,542


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

10,157



10,714



17,703



(5,553)


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

129,483



(1,273,491)



162,140



(834,757)


Cash and cash equivalents at beginning of the period

476,014



1,722,491



443,357



1,283,757


Cash and cash equivalents at end of the period

$

605,497



$

449,000



$

605,497



$

449,000



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