OPEN TEXT CORPORATION | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||
(In thousands of U.S. dollars) | ||||||||
(unaudited) | ||||||||
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| Three Months Ended September 30, | ||||||
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| 2018 |
| 2017 | ||||
Net income for the period |
| $ | 36,368 |
|
| $ | 36,690 |
|
Other comprehensive income (loss) —net of tax: |
|
|
|
| ||||
Net foreign currency translation adjustments |
| (3,520) |
|
| 906 |
| ||
Unrealized gain (loss) on cash flow hedges: |
|
|
|
| ||||
Unrealized gain (loss) - net of tax expense (recovery) effect of $181 and $463 for the three months ended September 30, 2018 and 2017, respectively |
| 502 |
|
| 1,285 |
| ||
(Gain) loss reclassified into net income - net of tax (expense) recovery effect of $132 and ($287) for the three months ended September 30, 2018 and 2017, respectively |
| 366 |
|
| (797) |
| ||
Actuarial gain (loss) relating to defined benefit pension plans: |
|
|
|
| ||||
Actuarial gain (loss) - net of tax expense (recovery) effect of $306 and ($83) for the three months ended September 30, 2018 and 2017, respectively |
| 1,197 |
|
| (115) |
| ||
Amortization of actuarial (gain) loss into net income - net of tax (expense) recovery effect of $73 and $42 for the three months ended September 30, 2018 and 2017, respectively |
| 66 |
|
| 56 |
| ||
Release of unrealized gain on marketable securities - net of tax effect of nil |
| — |
|
| (617) |
| ||
Total other comprehensive income (loss) net, for the period |
| (1,389) |
|
| 718 |
| ||
Total comprehensive income |
| 34,979 |
|
| 37,408 |
| ||
Comprehensive (income) loss attributable to non-controlling interests |
| (44) |
|
| (94) |
| ||
Total comprehensive income attributable to OpenText |
| $ | 34,935 |
|
| $ | 37,314 |
|
OPEN TEXT CORPORATION | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(In thousands of U.S. dollars) | |||||||
(unaudited) | |||||||
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| Three Months Ended September 30, | ||||||
|
| 2018 |
| 2017 | ||||
Cash flows from operating activities: |
|
|
| ||||
Net income for the period | $ | 36,368 |
|
| $ | 36,690 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| ||||
Depreciation and amortization of intangible assets | 117,207 |
|
| 106,627 |
| ||
Share-based compensation expense | 6,555 |
|
| 8,235 |
| ||
| Pension expense | 1,145 |
|
| 1,035 |
| ||
| Amortization of debt issuance costs | 1,078 |
|
| 1,298 |
| ||
| Amortization of deferred charges and credits | — |
|
| 1,117 |
| ||
| Loss on sale and write down of property and equipment | 7,789 |
|
| 163 |
| ||
| Release of unrealized gain on marketable securities to income | — |
|
| (841) |
| ||
| Deferred taxes | 7,769 |
|
| 5,947 |
| ||
| Share in net (income) loss of equity investees | (2,372) |
|
| 512 |
| ||
| Changes in operating assets and liabilities: |
|
|
| ||||
| Accounts receivable | 73,875 |
|
| 5,162 |
| ||
| Contract assets | (5,346) |
|
| — |
| ||
| Prepaid expenses and other current assets | 9,732 |
|
| (2,808) |
| ||
| Income taxes and deferred charges and credits | 12,561 |
|
| 9,148 |
| ||
| Accounts payable and accrued liabilities | (40,001) |
|
| (64,476) |
| ||
| Deferred revenue | (57,403) |
|
| (38,480) |
| ||
| Other assets | 2,444 |
|
| (2,083) |
| ||
| Net cash provided by operating activities | 171,401 |
|
| 67,246 |
| ||
| Cash flows from investing activities: |
|
|
| ||||
| Additions of property and equipment | (24,495) |
|
| (30,449) |
| ||
| Purchase of Guidance Software, net of cash acquired | (2,279) |
|
| (220,765) |
| ||
| Purchase of Covisint Corporation, net of cash acquired | — |
|
| (71,279) |
| ||
| Other investing activities | (1,004) |
|
| (4,206) |
| ||
| Net cash used in investing activities | (27,778) |
|
| (326,699) |
| ||
| Cash flows from financing activities: |
|
|
| ||||
| Proceeds from Revolver | — |
|
| 200,000 |
| ||
| Proceeds from issuance of Common Shares from exercise of stock options and ESPP | 18,127 |
|
| 21,825 |
| ||
| Repayment of long-term debt and revolver | (2,500) |
|
| (1,940) |
| ||
| Debt issuance costs | (322) |
|
| — |
| ||
| Purchase of treasury stock | (11,719) |
|
| — |
| ||
| Repurchase of non-controlling interest | (583) |
|
| — |
| ||
| Payments of dividends to shareholders | (40,466) |
|
| (35,017) |
| ||
| Net cash provided by (used in) financing activities | (37,463) |
|
| 184,868 |
| ||
| Foreign exchange gain (loss) on cash held in foreign currencies | 428 |
|
| 7,762 |
| ||
| Increase (decrease) in cash, cash equivalents and restricted cash during the period | 106,588 |
|
| (66,823) |
| ||
| Cash, cash equivalents and restricted cash at beginning of the period | 683,991 |
|
| 446,210 |
| ||
| Cash, cash equivalents and restricted cash at end of the period | $ | 790,579 |
|
| $ | 379,387 |
|
|
|
|
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| Reconciliation of cash, cash equivalents and restricted cash: | September 30, 2018 |
| September 30, 2017 | ||||
| Cash and cash equivalents | 787,919 |
|
| 376,390 |
| ||
| Restricted cash included in Other assets | 2,660 |
|
| 2,997 |
| ||
| Total Cash, cash equivalents and restricted cash | $ | 790,579 |
|
| $ | 379,387 |
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