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 68% 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:
   
     
  Three Months Ended
March 31, 2012
    Per share
Non-GAAP-based net income 59,239   1.01  
Less:    
Amortization 34,726   0.59  
Share-based compensation 5,165   0.09  
Special charges 6,450   0.11  
Other (income) expense 1,804   0.03  
GAAP-based provision for (recovery of) income tax (14,036)   (0.24)  
Tax on non-GAAP-based provision (9,644)   (0.16)  
GAAP-based net income 34,774   0.59  
         

Reconciliation of selected GAAP-based measures to Non GAAP-based measures for the nine months ended March 31, 2012.
($ in thousands except for per share amounts)
  Nine Months Ended
March 31, 2012
  GAAP-based
measures  
Adjustments   Note Non-GAAP-based
measures  
Cost of Revenues:        
Customer Support 82,724   (112)   (1)   82,612  
Service and Other 153,551   (408)   (1)   153,143  
Amortization of acquired technology-based intangible assets 63,307   (63,307)   (2)    
GAAP-based gross profit/ Non-GAAP-based gross profit 588,350   63,827     652,177  
Operating Expenses        
Research and development 127,848   (2,872)   (1)   124,976  
Sales and marketing 202,903   (6,040)   (1)   196,863  
General and administrative 72,886   (3,974)   (1)   68,912  
Amortization of acquired customer-based intangible assets 39,948   (39,948)   (2)    
Special charges 18,776   (18,776)   (3)    
GAAP-based income from operations/ Non-GAAP-based operating income 109,670   135,437     245,107  
Other expense, net 10,145   (10,145)   (4)    
Provision for (recovery of) income taxes (8,542)   41,295   (5)   32,753  
GAAP-based net income for the period/ Non-GAAP-based net income 117,203   83,997   (6)   201,200  
GAAP-based earnings per share/ Non GAAP-based earnings per share-diluted $ 2.00   $ 1.43   (6)   $ 3.43  

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