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OPEN TEXT CORPORATION
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Three Months Ended December 31, |
Six Months Ended December 31, |
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2014 |
2013 |
2014 |
2013 |
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Cash flows from operating activities: |
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Net income for the period |
$ |
74,494 |
$ |
53,500 |
$ |
139,146 |
$ |
84,130 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation and amortization of intangible assets |
56,035 |
32,365 |
112,367 |
77,630 |
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Share-based compensation expense |
4,929 |
6,677 |
9,378 |
11,289 |
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Excess tax benefits on share-based compensation expense |
(1,232) |
(1,008) |
(1,627) |
(1,081) |
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Pension expense |
1,202 |
437 |
2,422 |
790 |
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Amortization of debt issuance costs |
1,132 |
519 |
2,275 |
1,044 |
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Amortization of deferred charges and credits |
2,632 |
2,967 |
5,263 |
5,934 |
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Loss on sale and write down of property and equipment |
— |
(6) |
— |
15 |
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Deferred taxes |
2,764 |
(1,329) |
1,219 |
(3,198) |
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Changes in operating assets and liabilities: |
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Accounts receivable |
(15,294) |
(19,602) |
40,249 |
9,176 |
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Prepaid expenses and other current assets |
(548) |
(729) |
(697) |
(4,161) |
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Income taxes |
(6,207) |
(5,093) |
11,599 |
2,409 |
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Deferred charges and credits |
— |
5,788 |
— |
8,488 |
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Accounts payable and accrued liabilities |
(3,187) |
7,247 |
(37,326) |
(10,846) |
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Deferred revenue |
(5,990) |
(21,574) |
(32,745) |
(40,134) |
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Other assets |
(1,158) |
716 |
(3,420) |
(686) |
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Net cash provided by operating activities |
109,572 |
60,875 |
248,103 |
140,799 |
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Cash flows from investing activities: |
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Additions of property and equipment |
(18,026) |
(11,913) |
(48,261) |
(20,228) |
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Purchase of patents |
— |
(192) |
— |
(192) |
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Purchase of Cordys Holding B.V., net of cash acquired |
— |
— |
— |
(30,588) |
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Purchase of a division of Spicer Corporation |
(222) |
— |
(222) |
— |
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Purchase consideration for prior period acquisitions |
(221) |
(221) |
(443) |
(443) |
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Other investing activities |
(1,059) |
526 |
(8,433) |
(974) |
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Net cash used in investing activities |
(19,528) |
(11,800) |
(57,359) |
(52,425) |
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Cash flows from financing activities: |
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Excess tax benefits on share-based compensation expense |
1,232 |
1,008 |
1,627 |
1,081 |
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Proceeds from issuance of Common Shares |
2,039 |
3,606 |
9,138 |
5,429 |
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Repayment of long-term debt |
(13,413) |
(11,419) |
(26,830) |
(19,087) |
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Debt issuance costs |
(1,220) |
(273) |
(1,403) |
(273) |
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Payments of dividends to shareholders |
(21,054) |
(17,747) |
(42,099) |
(35,468) |
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Net cash used in financing activities |
(32,416) |
(24,825) |
(59,567) |
(48,318) |
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Foreign exchange gain (loss) on cash held in foreign currencies |
(7,304) |
(43) |
(16,257) |
4,853 |
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Increase in cash and cash equivalents during the period |
50,324 |
24,207 |
114,920 |
44,909 |
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Cash and cash equivalents at beginning of the period |
492,486 |
491,147 |
427,890 |
470,445 |
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Cash and cash equivalents at end of the period |
$ |
542,810 |
$ |
515,354 |
$ |
542,810 |
$ |
515,354 |
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