OpenText Reports Fourth Quarter and Fiscal Year 2015 Financial Results

 


OPEN TEXT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of U.S. dollars)




Year Ended June 30,


2015


2014


2013

Cash flows from operating activities:






Net income for the period

$

234,406



$

218,074



$

148,520


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






Depreciation and amortization of intangible assets

240,147



186,177



186,851


Share-based compensation expense

22,047



19,906



15,575


Excess tax benefits on share-based compensation expense

(1,675)



(1,844)



(915)


Pension expense

4,796



3,232



1,448


Amortization of debt issuance costs

4,556



3,191



2,123


Amortization of deferred charges and credits

10,525



11,307



11,815


Loss on sale and write down of property and equipment

1,368



15



24


Deferred taxes

(14,578)



(12,334)



(5,796)


Release of unrealized gain on marketable securities to income

(3,098)






Write off of unamortized debt issuance costs

2,919






Changes in operating assets and liabilities:






Accounts receivable

43,189



(17,186)



17,965


Prepaid expenses and other current assets

(3,534)



11,146



4,242


Income taxes

2,933



11,308



(17,053)


Deferred charges and credits



9,870



(9,274)


Accounts payable and accrued liabilities

(22,714)



(36,478)



(41,947)


Deferred revenue

6,775



16,601



5,418


Other assets

(5,031)



(5,858)



(494)


Net cash provided by operating activities

523,031



417,127



318,502


Cash flows from investing activities:






Additions of property and equipment

(77,046)



(42,268)



(23,107)


Proceeds from maturity of short-term investments

17,017






Purchase of patents



(192)



(192)


Purchase of Actuate Corporation, net of cash acquired

(291,800)






Purchase of Informative Graphics Corporation, net of cash acquired

(35,180)






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



(1,076,886)




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



(30,588)




Purchase of EasyLink Services International Corporation, net of cash acquired





(315,331)


Purchase of Resonate KT Limited, net of cash acquired





(19,366)


Purchase of ICCM Professional Services Limited, net of cash acquired





(11,257)


Purchase of System Solutions Australia Pty Limited, net of cash acquired





(516)


Purchase of a division of Spicer Corporation

(222)






Purchase consideration for prior period acquisitions

(590)



(887)



(875)


Other investing activities

(10,574)



(2,547)



(3,750)


Net cash used in investing activities

(398,395)



(1,153,368)



(374,394)


Cash flows from financing activities:






Excess tax benefits on share-based compensation expense

1,675



1,844



915


Proceeds from issuance of Common Shares

15,240



24,808



16,347


Equity issuance costs



(144)




Purchase of Treasury Stock

(10,126)



(1,275)




Proceeds from long-term debt

800,000



800,000




Repayment of long-term debt

(530,284)



(45,911)



(30,677)


Debt issuance costs

(18,271)



(16,685)




Payments of dividends to shareholders

(87,629)



(74,693)



(17,703)


Net cash used in (provided by) financing activities

170,605



687,944



(31,118)


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

(23,132)



5,742



(2,292)


Increase (decrease) in cash and cash equivalents during the period

272,109



(42,555)



(89,302)


Cash and cash equivalents at beginning of the period

427,890



470,445



559,747


Cash and cash equivalents at end of the period

$

699,999



$

427,890



$

470,445



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