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 |
|