OpenText Reports Second Quarter Fiscal Year 2015 Financial Results

 

 


Reconciliation of selected GAAP-based measures to Non-GAAP-based measures for the three months ended September 30, 2014.

(In thousands except for per share amounts)


Three Months Ended September 30, 2014


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

$

57,996




$

(213)


(1)

$

57,783




Customer support

23,218




(174)


(1)

23,044




Professional service and other

45,361




(263)


(1)

45,098




Amortization of acquired technology-based intangible assets

18,206




(18,206)


(2)




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

305,918


67.4

%

18,856


(3)

324,774


71.6

%

Operating expenses












Research and development

44,742




(563)


(1)

44,179




Sales and marketing

80,099




(2,074)


(1)

78,025




General and administrative

35,756




(1,162)


(1)

34,594




Amortization of acquired customer-based intangible assets

25,884




(25,884)


(2)




Special charges (recoveries)

4,169




(4,169)


(4)




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

103,026


22.7

%

52,708


(5)

155,734


34.3

%

Other income (expense), net

(9,873)




9,873


(6)




Provision for (recovery of) income taxes

17,402




8,606


(7)

26,008




GAAP-based net income / Non-GAAP-based net income, attributable to OpenText

64,626




53,975


(8)

118,601




GAAP-based earnings per share / Non GAAP-based earnings per share-diluted, attributable to OpenText

$

0.53




$

0.44


(8)

$

0.97



















(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 dollars, and gross margin stated as a percentage of revenue.

(4)

Adjustment relates to the exclusion of Special charges (recoveries) 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 dollars, 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 21% and a Non-GAAP-based tax rate of 18%; 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:


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