OpenText Reports Fourth Quarter and Fiscal Year 2015 Financial Results

 


OPEN TEXT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of U.S. dollars)




Three Months Ended June 30,


2015


2014

Cash flows from operating activities:




Net income for the period

$

68,769



$

88,148


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




Depreciation and amortization of intangible assets

64,585



56,194


Share-based compensation expense

6,107



4,199


Excess tax benefits on share-based compensation expense

(64)



(169)


Pension expense

1,194



1,268


Amortization of debt issuance costs

1,146



1,131


Amortization of deferred charges and credits

2,632



2,667


Loss on sale and write down of property and equipment

1,250




Deferred taxes

(10,541)



(8,131)


Release of unrealized gain on marketable securities to income




Write off of unamortized debt issuance costs




Changes in operating assets and liabilities:




Accounts receivable

(33,371)



(36,315)


Prepaid expenses and other current assets

467



29,771


Income taxes

1,579



5,730


Deferred charges and credits




Accounts payable and accrued liabilities

31,033



(3,600)


Deferred revenue

70



(3,421)


Other assets

(3,039)



(2,558)


Net cash provided by operating activities

131,817



134,914


Cash flows from investing activities:




Additions of property and equipment

(16,460)



(13,825)


Proceeds from maturity of short-term investments

9,925




Purchase of Actuate Corporation, net of cash acquired

(32)




Purchase of GXS Group, Inc., net of cash acquired



785


Purchase consideration for prior period acquisitions



(222)


Other investing activities

(1,659)




Net cash used in investing activities

(8,226)



(13,262)


Cash flows from financing activities:




Excess tax benefits on share-based compensation expense

64



169


Proceeds from issuance of Common Shares

2,413



5,090


Purchase of Treasury Stock

(8,875)




Repayment of long-term debt

(9,799)



(13,412)


Debt issuance costs

(195)



(653)


Payments of dividends to shareholders

(24,455)



(21,001)


Net cash used in (provided by) financing activities

(40,847)



(29,807)


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

4,078



(26)


Increase in cash and cash equivalents during the period

86,822



91,819


Cash and cash equivalents at beginning of the period

613,177



336,071


Cash and cash equivalents at end of the period

$

699,999



$

427,890



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