Statement of Financial Position
Statement of Financial Position, Classified (Unaudited, USD $) | ||
In Thousands | Sep. 30, 2008
| Jun. 30, 2008
|
Assets, Current [Abstract] | ||
Cash and cash equivalents | $250,133 | $254,916 |
Accounts Receivable trade, net of allowance for doubtful accounts of $3,699 as of September 30, 2008 and $3,974 as of June 30, 2008 | ||
Accounts Receivable trade, net of allowance for doubtful accounts of $3,699 as of September 30, 2008 and $3,974 as of June 30, 2008 | 108,301 | 134,396 |
Income taxes recoverable | 10,207 | 16,763 |
Prepaid expenses and other current assets | 12,810 | 10,544 |
Deferred tax assets | 14,042 | 13,455 |
Total current assets | 395,493 | 430,074 |
Assets, Noncurrent [Abstract] | ||
Investments in marketable securities | 3,349 | 0 |
Capital assets | 43,352 | 43,582 |
Goodwill | 544,701 | 564,648 |
Acquired intangible assets | 267,915 | 281,824 |
Deferred tax assets | 50,379 | 59,881 |
Other assets | 9,982 | 10,491 |
Long-term income taxes recoverable | 42,159 | 44,176 |
Total Assets | 1,357,330 | 1,434,676 |
Liabilities, Current [Abstract] | ||
Accounts payable and accrued liabilities | 77,983 | 99,035 |
Current portion of long-term debt | 3,476 | 3,486 |
Deferred revenues | 158,614 | 176,967 |
Income taxes payable | 5,208 | 13,499 |
Deferred tax liabilities | 3,696 | 4,876 |
Total current liabilities | 248,977 | 297,863 |
Liabilities, Noncurrent [Abstract] | ||
Accrued liabilities | 17,880 | 20,513 |
Long-term debt | 302,989 | 304,301 |
Deferred revenues | 2,597 | 2,573 |
Long-term income taxes payable | 53,070 | 54,681 |
Deferred tax liabilities | 100,153 | 109,912 |
Total long-term liabilities | 476,689 | 491,980 |
Minority Interest [Abstract] | ||
Minority interest | 8,707 | 8,672 |
Stockholders' Equity [Abstract] | ||
Share Capital | 444,130 | 438,471 |
Additional paid-in capital | 47,320 | 39,330 |
Accumulated other comprehensive income | 69,305 | 110,819 |
Retained earnings (deficit) | 62,202 | 47,541 |
Total shareholders' equity | 622,957 | 636,161 |
Total Liabilities and Shareholders' Equity | $1,357,330 | $1,434,676 |
Statement of Income (Including
Statement of Income (Including Gross Margin) (Unaudited, USD $) | ||
In Thousands, except Share data | 3 Months Ended
Sep. 30, 2008 | 3 Months Ended
Sep. 30, 2007 |
Revenues [Abstract] | ||
Licenses revenue | $50,074 | $44,260 |
Customer support revenue | 98,429 | 86,304 |
Services revenue | 34,120 | 33,403 |
Total revenues | 182,623 | 163,967 |
Cost of Revenue [Abstract] | ||
Cost of revenues: License | 2,893 | 3,554 |
Cost of revenues: Customer support | 15,567 | 12,598 |
Cost of revenues: Service | 27,729 | 27,504 |
Cost of revenues: Amortization of acquired technology intangible assets | 10,747 | 10,152 |
Total cost of revenues | 56,936 | 53,808 |
Gross profit | 125,687 | 110,159 |
Operating Expenses [Abstract] | ||
Research and development expense | 28,578 | 23,983 |
Sales and marketing expense | 44,832 | 37,859 |
General and administrative expense | 18,387 | 17,010 |
Depreciation | 2,698 | 2,984 |
Amortization of acquired customer-based intangible assets | 8,215 | 7,415 |
Special charges (recoveries) | 0 | (61) |
Total operating expenses | 102,710 | 89,190 |
Income from operations | 22,977 | 20,969 |
Other Expenses [Abstract] | ||
Other income (expense), net | 729 | (1,827) |
Interest income (expense), net | (2,994) | (7,872) |
Income before income taxes | 20,712 | 11,270 |
Income Tax Expense (Benefit) [Abstract] | ||
Provision for income taxes | 5,932 | 3,343 |
Net income before minority interest | 14,780 | 7,927 |
Minority interest | 119 | 127 |
Net income for the period | $14,661 | $7,800 |
Earnings Per Share [Abstract] | ||
Net income per share - basic | 0.29 | 0.16 |
Net income per share - diluted | 0.28 | 0.15 |
Weighted average number of Common Shares outstanding - basic | 51,298,000 | 50,285,000 |
Weighted average number of Common Shares outstanding - diluted | 52,990,000 | 51,618,000 |
Statement of Cash Flows
Statement of Cash Flows (Unaudited, USD $) | ||
In Thousands | 3 Months Ended
Sep. 30, 2008 | 3 Months Ended
Sep. 30, 2007 |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net Income (Loss) | $14,661 | $7,800 |
Adjustments to Reconcile Income (Loss) to Net Cash Provided by (Used in) Continuing Operations [Abstract] | ||
Depreciation and amortization | 21,660 | 20,551 |
In-process research and development | 0 | 500 |
Share-based compensation expense | 1,423 | 1,063 |
Employee long-term incentive plan | 1,059 | 185 |
Excess tax benefits from share-based compensation | (6,629) | (397) |
Undistributed earnings related to minority interest | 119 | 127 |
Amortization of debt issuance costs | 224 | 290 |
Unrealized (gain) loss on financial instruments | (722) | 1,407 |
Deferred taxes | (256) | (705) |
Accounts receivable | 27,946 | 10,502 |
Prepaid expenses and other current assets | (1,926) | (499) |
Income taxes | 4,731 | 484 |
Accounts payable and accrued liabilities | (18,369) | (5,495) |
Deferred revenue | (19,430) | (3,773) |
Other assets | 322 | 174 |
Net cash provided by operating activities | 24,813 | 32,214 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Acquisition of capital assets | (3,887) | (1,216) |
Purchase of a division of Spicer Corporation | (10,836) | 0 |
Purchase of eMotion LLC, net of cash acquired | (3,635) | 0 |
Additional purchase consideration for prior period acquisitions | (35) | (176) |
Purchase of an asset group constituting a business | 0 | (2,209) |
Investments in marketable securities | (3,608) | 0 |
Acquisition related costs | (3,258) | (8,029) |
Net cash used in investment activities | (25,259) | (11,630) |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Excess tax benefits on share-based compensation expense | 6,629 | 397 |
Proceeds from issuance of common stock | 5,542 | 5,719 |
Repayment of long-term debt | (867) | (30,933) |
Debt issuance costs | 0 | (349) |
Net cash provided by (used in) financing activities | 11,304 | (25,166) |
Effect of Exchange Rate on Cash and Cash Equivalents [Abstract] | ||
Foreign exchange gain (loss) on cash held in foreign currencies | (15,641) | 4,909 |
Cash and Cash Equivalents, Period Increase (Decrease) [Abstract] | ||
Cash and Cash Equivalents, Period Increase (Decrease) | (4,783) | 327 |
Cash and Cash Equivalents, at Carrying Value, Beginning Balance | 254,916 | 149,979 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $250,133 | $150,306 |
Document Information
Document Information (Form10Q [Member]) | |
3 Months Ended
Sep. 30, 2008 | |
Document Information [Line Items] | |
Document Type | 10-Q |
Amendment Flag | false |
Amendment Description | none |
Document Period End Date | 2008-09-30 |
Entity Information
Entity Information (Open Text [Member]) | |
3 Months Ended
Sep. 30, 2008 | |
Entity Information [Line Items] | |
Entity Registrant Name | Open Text Corporation |
Entity Central Index Key | 0001002638 |
Current Fiscal Year End Date | --06-30 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 51,862,214 |