OpenText Reports Fourth Quarter and Fiscal Year 2012 Financial Results

Notes

(1)  All dollar amounts in this press release are in U.S. Dollars unless otherwise indicated.  
(2)  Use of Non-GAAP Financial Measures: In addition to reporting financial results in accordance with US GAAP, the Company provides certain non-US GAAP financial measures that are not in accordance with US GAAP. These non-US GAAP financial measures have certain limitations in that they do not have a standardized meaning and thus the Company's definition may be different from similar non-US GAAP financial measures used by other companies and/or analysts and may differ from period to period. Thus it may be more difficult to compare the Company's financial performance to that of other companies. However, the Company's management compensates for these limitations by providing the relevant disclosure of the items excluded in the calculation of non-US GAAP net income and non-US GAAP EPS both in its reconciliation to the US GAAP financial measures of net income and EPS and its consolidated financial statements, all of which should be considered when evaluating the Company's results. The Company uses the financial measures non-US GAAP EPS and non-US GAAP net income to supplement the information provided in its consolidated financial statements, which are presented in accordance with US GAAP. The presentation of non-US GAAP net income and non-US GAAP EPS is not meant to be a substitute for net income or net income per share presented in accordance with US GAAP, but rather should be evaluated in conjunction with and as a supplement to such US GAAP measures. OpenText strongly encourages investors to review its financial information in its entirety and not to rely on a single financial measure. The Company therefore believes that despite these limitations, it is appropriate to supplement the disclosure of the US GAAP measures with certain non-US GAAP measures for the reasons set forth below. Non-US GAAP net income and non-US GAAP EPS are calculated as net income or net income per share on a diluted basis, excluding, where applicable, the amortization of acquired intangible assets, other income (expense), share-based compensation, and restructuring, all net of tax. The Company's management believes that the presentation of non-US GAAP net income and non-US GAAP EPS provides useful information to investors because it excludes non-operational charges. The use of the term "non-operational charge" is defined by the Company as those that do not impact operating decisions taken by the Company's management and is based upon the way the Company's management evaluates the performance of the Company's business for use in the Company's internal reports. In the course of such evaluation and for the purpose of making operating decisions, the Company's management excludes certain items from its analysis, such as amortization of acquired intangible assets, restructuring costs, share-based compensation, other income (expense) and the taxation impact of these items. These items are excluded based upon the manner in which management evaluates the business of the Company and are not excluded in the sense that they may be used under US GAAP. The Company believes the provision of supplemental non-US GAAP measures allows investors to evaluate the operational and financial performance of the Company's core business using the same evaluation measures that management uses, and is therefore a useful indication of Open Text's performance or expected performance of recurring operations and facilitates period-to-period comparison of operating performance. As a result, the Company considers it appropriate and reasonable to provide, in addition to US GAAP measures, supplementary non-US GAAP financial measures that exclude certain items from the presentation of its financial results in this press release.
 
  The following charts provide (unaudited) reconciliations of US GAAP based financial measures to non-US GAAP based financial measures for the following periods presented:
   

Reconciliation of selected GAAP-based measures to Non-GAAP based measures for the three months ended June 30, 2012.
($ in thousands except for per share amounts)
  Three Months Ended
June 30, 2012
  GAAP-based
Measures
Adjustments Note Non-GAAP-based
Measures  
Cost of revenues        
Customer Support 27,780   (58)   (1)   27,722  
Service and Other 51,358   (239)   (1)   51,119  
Amortization of acquired technology-based intangible assets 21,265   (21,265)   (2)    
GAAP-based gross profit/ Non-GAAP-based gross profit 201,105   21,562     222,667  
Operating Expenses        
Research and development 41,195   (1,066)   (1)   40,129  
Sales and marketing 71,641   (2,771)   (1)   68,870  
General and administrative 24,186   (557)   (1)   23,629  
Amortization of acquired customer-based intangible assets 13,378   (13,378)   (2)    
Special charges 5,747   (5,747)   (3)    
GAAP-based income from operations/ Non-GAAP-based operating income 39,690   45,081     84,771  
Other income, net (6,596)   6,596   (4)    
Provision for (recovery of) income taxes 20,713   (9,462)   (5)   11,251  
GAAP-based net income for the period/ Non-GAAP-based net income 7,971   61,139   (6)   69,110  
GAAP-based earnings per share/ Non GAAP-based earnings per share-diluted $ 0.14   $ 1.03   (6)   $ 1.17  

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