OpenText Reports Second Quarter Fiscal Year 2015 Financial Results

 

 

OPEN TEXT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of U.S. dollars)
(unaudited)






Three Months Ended December 31,


Six Months Ended December 31,


2014



2013



2014



2013


Cash flows from operating activities:












Net income for the period

$

74,494



$

53,500



$

139,146



$

84,130


Adjustments to reconcile net income to net cash provided by operating activities:












Depreciation and amortization of intangible assets

56,035



32,365



112,367



77,630


Share-based compensation expense

4,929



6,677



9,378



11,289


Excess tax benefits on share-based compensation expense

(1,232)



(1,008)



(1,627)



(1,081)


Pension expense

1,202



437



2,422



790


Amortization of debt issuance costs

1,132



519



2,275



1,044


Amortization of deferred charges and credits

2,632



2,967



5,263



5,934


Loss on sale and write down of property and equipment



(6)





15


Deferred taxes

2,764



(1,329)



1,219



(3,198)


Changes in operating assets and liabilities:












Accounts receivable

(15,294)



(19,602)



40,249



9,176


Prepaid expenses and other current assets

(548)



(729)



(697)



(4,161)


Income taxes

(6,207)



(5,093)



11,599



2,409


Deferred charges and credits



5,788





8,488


Accounts payable and accrued liabilities

(3,187)



7,247



(37,326)



(10,846)


Deferred revenue

(5,990)



(21,574)



(32,745)



(40,134)


Other assets

(1,158)



716



(3,420)



(686)


Net cash provided by operating activities

109,572



60,875



248,103



140,799


Cash flows from investing activities:












Additions of property and equipment

(18,026)



(11,913)



(48,261)



(20,228)


Purchase of patents



(192)





(192)


Purchase of Cordys Holding B.V., net of cash acquired







(30,588)


Purchase of a division of Spicer Corporation

(222)





(222)




Purchase consideration for prior period acquisitions

(221)



(221)



(443)



(443)


Other investing activities

(1,059)



526



(8,433)



(974)


Net cash used in investing activities

(19,528)



(11,800)



(57,359)



(52,425)


Cash flows from financing activities:












Excess tax benefits on share-based compensation expense

1,232



1,008



1,627



1,081


Proceeds from issuance of Common Shares

2,039



3,606



9,138



5,429


Repayment of long-term debt

(13,413)



(11,419)



(26,830)



(19,087)


Debt issuance costs

(1,220)



(273)



(1,403)



(273)


Payments of dividends to shareholders

(21,054)



(17,747)



(42,099)



(35,468)


Net cash used in financing activities

(32,416)



(24,825)



(59,567)



(48,318)


Foreign exchange gain (loss) on cash held in foreign currencies

(7,304)



(43)



(16,257)



4,853


Increase in cash and cash equivalents during the period

50,324



24,207



114,920



44,909


Cash and cash equivalents at beginning of the period

492,486



491,147



427,890



470,445


Cash and cash equivalents at end of the period

$

542,810



$

515,354



$

542,810



$

515,354



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