OPEN TEXT CORPORATION |
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CONSOLIDATED STATEMENTS OF CASH FLOWS |
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(In thousands of U.S. dollars) |
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Year Ended June 30, |
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2019 |
2018 |
2017 |
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Cash flows from operating activities: |
|||||||||||
Net income for the period |
$ |
285,637 |
$ |
242,300 |
$ |
1,025,915 |
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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 |
470,928 |
456,929 |
345,715 |
||||||||
Share-based compensation expense |
26,770 |
27,594 |
30,507 |
||||||||
Excess tax expense (benefits) on share-based compensation expense |
— |
— |
(1,534) |
||||||||
Pension expense |
4,624 |
3,738 |
3,893 |
||||||||
Amortization of debt issuance costs |
4,330 |
4,646 |
5,014 |
||||||||
Amortization of deferred charges and credits |
— |
4,242 |
6,298 |
||||||||
Loss on sale and write down of property and equipment |
9,438 |
2,234 |
784 |
||||||||
Release of unrealized gain on marketable securities to income |
— |
(841) |
— |
||||||||
Deferred taxes |
47,425 |
89,736 |
(871,195) |
||||||||
Share in net (income) loss of equity investees |
(13,668) |
(5,965) |
(5,952) |
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Write off of unamortized debt issuance costs |
— |
155 |
833 |
||||||||
Other non-cash charges |
— |
— |
1,033 |
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Changes in operating assets and liabilities: |
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Accounts receivable |
75,508 |
(22,566) |
(126,784) |
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Contract assets |
(37,623) |
— |
— |
||||||||
Prepaid expenses and other current assets |
(819) |
(7,274) |
(7,766) |
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Income taxes and deferred charges and credits |
27,291 |
(31,323) |
(1,683) |
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Accounts payable and accrued liabilities |
(21,732) |
(91,650) |
53,490 |
||||||||
Deferred revenue |
(1,827) |
35,629 |
3,484 |
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Other assets |
(4) |
497 |
(21,699) |
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Net cash provided by operating activities |
876,278 |
708,081 |
440,353 |
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Cash flows from investing activities: |
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Additions of property and equipment |
(63,837) |
(105,318) |
(79,592) |
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Proceeds from maturity of short-term investments |
— |
— |
9,212 |
||||||||
Purchase of Catalyst Repository Systems Inc. |
(70,800) |
— |
— |
||||||||
Purchase of Liaison Technologies |
(310,644) |
— |
— |
||||||||
Purchase of Hightail Inc. |
— |
(20,535) |
— |
||||||||
Purchase of Guidance Software, net of cash acquired |
(2,279) |
(229,275) |
— |
||||||||
Purchase of Covisint Corporation, net of cash acquired |
— |
(71,279) |
— |
||||||||
Purchase of ECD Business |
— |
— |
(1,622,394) |
||||||||
Purchase of HP Inc. CCM Business |
— |
— |
(315,000) |
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Purchase of Recommind, Inc. |
— |
— |
(170,107) |
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Purchase consideration for prior period acquisitions |
— |
— |
(7,146) |
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Other investing activities |
(16,966) |
(18,034) |
(5,937) |
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Net cash used in investing activities |
(464,526) |
(444,441) |
(2,190,964) |
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Cash flows from financing activities: |
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Excess tax (expense) benefits on share-based compensation expense |
— |
— |
1,534 |
||||||||
Proceeds from issuance of long-term debt and revolver |
— |
1,200,000 |
481,875 |
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Proceeds from issuance of Common Shares from exercise of stock options and ESPP |
57,889 |
75,935 |
35,593 |
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Proceeds from issuance of Common shares under public Equity Offering |
— |
— |
604,223 |
||||||||
Repayment of long-term debt and revolver |
(10,000) |
(1,149,620) |
(57,880) |
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Debt issuance costs |
(322) |
(4,375) |
(7,240) |
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Equity issuance costs |
— |
— |
(19,574) |
||||||||
Purchase of treasury stock |
(26,499) |
— |
(8,198) |
||||||||
Purchase of non-controlling interest |
(583) |
— |
(208) |
||||||||
Payments of dividends to shareholders |
(168,859) |
(145,613) |
(120,581) |
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Net cash provided by (used in) financing activities |
(148,374) |
(23,673) |
909,544 |
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Foreign exchange gain (loss) on cash held in foreign currencies |
(3,826) |
(2,186) |
1,767 |
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Increase (decrease) in cash and cash equivalents during the period |
259,552 |
237,781 |
(839,300) |
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Cash and cash equivalents at beginning of the period |
683,991 |
446,210 |
1,285,510 |
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Cash and cash equivalents at end of the period |
$ |
943,543 |
$ |
683,991 |
$ |
446,210 |
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Reconciliation of cash, cash equivalents and restricted cash: |
June 30, 2019 |
June 30, 2018 |
June 30, 2017 |
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Cash and cash equivalents |
$ |
941,009 |
$ |
682,942 |
$ |
443,357 |
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Restricted cash included in Other assets |
2,534 |
1,049 |
2,853 |
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Total cash, cash equivalents and restricted cash |
$ |
943,543 |
$ |
683,991 |
$ |
446,210 |