OpenText Reports Fourth Quarter and Fiscal Year 2012 Financial Results

(1)  Adjustment relates to the exclusion of share based compensation expense from our non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results.
(2)  Adjustment relates to the exclusion of amortization expense from our non-GAAP-based operating expenses as the timing and frequency of amortization expense is dependent on our acquisitions and is hence excluded from our internal analysis of operating results.
(3)  Adjustment relates to the exclusion of Special charges from our non-GAAP-based operating expenses as Special charges are generally incurred in the aftermath of acquisitions and are not indicative or related to continuing operations and are hence excluded from our internal analysis of operating results.
(4)  Adjustment relates to the exclusion of Other income (expense) from our non-GAAP-based operating expenses as Other income (expense) relates primarily to the transactional impact of foreign exchange and are generally not indicative or related to continuing operations and are hence excluded from our internal analysis of operating results.
(5)  Adjustment relates to differences between the GAAP-based tax recovery of approximately 8% and a non-GAAP-based tax rate of 14%; these rate differences are due to the income tax effects of expenses that are excluded for the purpose of calculating non-GAAP-based adjusted net income. The GAAP-based tax recovery is primarily due to tax benefits relating to ongoing internal reorganizations and mergers of international subsidiaries acquired; these reorganizations and mergers cause a change in the tax status of these subsidiaries resulting in a reduction in deferred tax liabilities recorded upon the acquisition of these subsidiaries, and a corresponding reduction in income tax expense.
(6)  Reconciliation of non-GAAP-based adjusted net income to GAAP-based net income:
   
     
  Nine Months Ended
March 31, 2012
    Per share
Non-GAAP-based net income 201,200   3.43  
Less:    
Amortization 103,255   1.76  
Share-based compensation 13,406   0.23  
Special charges 18,776   0.32  
Other (income) expense (10,145)   (0.17)  
GAAP-based provision for (recovery of) income tax (8,542)   (0.15)  
Tax on non-GAAP-based provision (32,753)   (0.56)  
GAAP-based net income 117,203   2.00  
         

Reconciliation of selected GAAP-based measures to Non GAAP-based measures for the three months ended June 30, 2011.
($ in thousands except for per share amounts)
  Three Months Ended
June 30, 2011
  GAAP-based
measures  
Adjustments   Note Non-GAAP-based
measures  
Cost of Revenues:        
Customer Support 23,237   (13)   (1)   23,224  
Service and Other 47,753   (109)   (1)   47,644  
Amortization of acquired technology-based intangible assets 18,524   (18,524)   (2)    
GAAP-based gross profit/ Non-GAAP-based gross profit 190,392   18,646     209,038  
Operating Expenses        
Research and development 39,437   (695)   (1)   38,742  
Sales and marketing 68,417   (1,340)   (1)   67,077  
General and administrative 24,085   (720)   (1)   23,365  
Amortization of acquired customer-based intangible assets 10,807   (10,807)   (2)    
Special charges 4,483   (4,483)   (3)    
GAAP-based income from operations/ Non-GAAP-based operating income 37,097   36,691     73,788  
Other expense, net (5,359)   5,359   (4)    
Provision for (recovery of) income taxes 1,056   8,982   (5)   10,038  
GAAP-based net income for the period/ Non-GAAP-based net income 28,592   33,068   (6)   61,660  
GAAP-based earnings per share/ Non GAAP-based earnings per share-diluted $ 0.49   $ 0.56   (6)   $ 1.05  

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