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 provision of approximately 72% 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.
(6)  Reconciliation of non-GAAP-based adjusted net income to GAAP-based net income:
   
   
     
  Three Months Ended
June 30, 2012
    Per share  
Non-GAAP-based net income 69,110   1.17  
Less:    
Amortization 34,643   0.58  
Share-based compensation 4,691   0.08  
Special charges 5,747   0.10  
Other (income) expense 6,596   0.11  
GAAP-based provision for income tax 20,713   0.35  
Tax on non-GAAP-based provision (11,251)   (0.19)  
GAAP-based net income 7,971   0.14  
         

Reconciliation of selected GAAP-based measures to Non-GAAP based measures for the year ended June 30, 2012.
($ in thousands except for per share amounts)
  Year Ended
June 30, 2012
  GAAP-based
Measures  
Adjustments Note Non-GAAP-based
Measures  
Cost of revenues        
Customer Support 110,504   (169)   (1)   110,335  
Service and Other 204,909   (647)   (1)   204,262  
Amortization of acquired technology-based intangible assets 84,572   (84,572)   (2)    
GAAP-based gross profit/ Non-GAAP-based gross profit 789,455   85,388     874,843  
Operating Expenses        
Research and development 169,043   (3,939)   (1)   165,104  
Sales and marketing 274,544   (8,811)   (1)   265,733  
General and administrative 97,072   (4,531)   (1)   92,541  
Amortization of acquired customer-based intangible assets 53,326   (53,326)   (2)    
Special charges 24,523   (24,523)   (3)    
GAAP-based income from operations/ Non-GAAP-based operating income 149,360   180,518     329,878  
Other income, net 3,549   (3,549)   (4)    
Provision for income taxes 12,171   31,833   (5)   44,004  
GAAP-based net income for the period/ Non-GAAP-based net income 125,174   145,136   (6)   270,310  
GAAP-based earnings per share/ Non GAAP-based earnings per share-diluted $ 2.13   $ 2.47   (6)   $ 4.60  

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