OpenText Reports Second Quarter Fiscal Year 2014 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)

GAAP-based and Non-GAAP-based gross profit stated in dollar, and gross margin stated as a percentage of revenue.

(4)

Adjustment relates to the exclusion of Special charges from our Non-GAAP-based operating expenses as Special charges are generally incurred in the periods following the relevant acquisitions and are not indicative or related to continuing operations and are therefore excluded from our internal analysis of operating results.

(5)

GAAP-based and Non-GAAP-based income from operations stated in dollar, and operating margin stated as a percentage of revenue.

(6)

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 is generally not indicative or related to continuing operations and is therefore excluded from our internal analysis of operating results.

(7)

Adjustment relates to differences between the GAAP-based tax provision of approximately 5% 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.

(8)

Reconciliation of Non-GAAP-based adjusted net income to GAAP-based net income:  

 

 

 



Three Months Ended
December 31, 2012




Per share diluted  

Non-GAAP-based net income

$

93,311


$

1.58

Less:




Amortization

40,338


0.68

Share-based compensation

3,174


0.05

Special charges

2,269


0.04

Other (income) expense, net

(1,541)


(0.03)

GAAP-based provision for (recovery of) income taxes

3,153


0.05

Non-GAAP-based provision for income taxes

(15,190)


(0.25)

GAAP-based net income

$

61,108


$

1.04



Reconciliation of selected GAAP-based measures to Non GAAP-based measures for the six months ended December 31, 2012.

(In thousands except for per share amounts)


Six Months Ended
December 31, 2012


GAAP-based

Measures


GAAP-based Measures  

% of Revenue


Adjustments


Note


Non-GAAP-based

Measures


Non-GAAP-based Measures    

% of Revenue

Cost of revenues:












Cloud services

$

35,928




$

(30)


(1)


$

35,898



Customer support

$

54,100




$

(145)


(1)


$

53,955



Professional service and other

99,294




(365)


(1)


98,929



Amortization of acquired technology-based intangible assets

46,973




(46,973)


(2)




GAAP-based gross profit and gross margin (%) /
Non-GAAP-based gross profit and gross margin (%)

432,580


63.8%


47,513


(3)


480,093


70.8%

Operating expenses












Research and development

78,624




(669)


(1)


77,955



Sales and marketing

132,492




(3,319)


(1)


129,173



General and administrative

55,706




(1,748)


(1)


53,958



Amortization of acquired customer-based intangible assets

34,399




(34,399)


(2)




Special charges

11,823




(11,823)


(4)




GAAP-based income from operations and operating margin (%) / Non-GAAP-based income from operations and operating margin (%)

107,322


15.8%


99,471


(5)


206,793


30.5%

Other income (expense), net

1,470




(1,470)


(6)




Provision for (recovery of) income taxes

19,372




8,335


(7)


27,707



GAAP-based net income / Non-GAAP-based net income

80,537




89,666


(8)


170,203



GAAP-based earnings per share /
Non GAAP-based earnings per share-diluted

$

1.37




$

1.52


(8)


$

2.89




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