Statement of Financial Position
Statement of Financial Position, Classified (Unaudited, USD $) | ||
In Thousands | Mar. 31, 2009
| Jun. 30, 2008
|
Assets, Current [Abstract] | ||
Cash and cash equivalents | $237,048 | $254,916 |
Accounts Receivable trade, net of allowance for doubtful accounts | ||
Accounts Receivable trade, net of allowance for doubtful accounts of $3,784 as of March 31, 2009 and $3,974 as of June 30, 2008 | 111,731 | 134,396 |
Inventory | 1,939 | 0 |
Income taxes recoverable | 6,895 | 16,763 |
Prepaid expenses and other current assets | 14,401 | 10,544 |
Deferred tax assets | 16,838 | 13,455 |
Total current assets | 388,852 | 430,074 |
Assets, Noncurrent [Abstract] | ||
Investments in marketable securities | 6,656 | 0 |
Capital assets | 39,202 | 43,582 |
Goodwill | 564,018 | 564,648 |
Acquired intangible assets | 354,743 | 281,824 |
Deferred tax assets | 61,339 | 59,881 |
Other assets | 11,245 | 10,491 |
Long-term income taxes recoverable | 41,073 | 44,176 |
Total Assets | 1,467,128 | 1,434,676 |
Liabilities, Current [Abstract] | ||
Accounts payable and accrued liabilities | 116,372 | 99,035 |
Current portion of long-term debt | 3,407 | 3,486 |
Deferred revenues | 193,676 | 176,967 |
Income taxes payable | 1,705 | 13,499 |
Deferred tax liabilities | 3,315 | 4,876 |
Total current liabilities | 318,475 | 297,863 |
Liabilities, Noncurrent [Abstract] | ||
Accrued liabilities | 19,984 | 20,513 |
Pension liability | 15,790 | 0 |
Long-term debt | 299,174 | 304,301 |
Deferred revenues | 7,305 | 2,573 |
Long-term income taxes payable | 51,472 | 54,681 |
Deferred tax liabilities | 136,776 | 109,912 |
Total long-term liabilities | 530,501 | 491,980 |
Minority Interest [Abstract] | ||
Minority interest | 0 | 8,672 |
Stockholders' Equity [Abstract] | ||
Share Capital | 456,278 | 438,471 |
Additional paid-in capital | 50,991 | 39,330 |
Accumulated other comprehensive income | 25,885 | 110,819 |
Retained earnings (deficit) | 84,998 | 47,541 |
Total shareholders' equity | 618,152 | 636,161 |
Total Liabilities and Shareholders' Equity | $1,467,128 | $1,434,676 |
Statement of Income (Including
Statement of Income (Including Gross Margin) (Unaudited, USD $) | ||||
In Thousands, except Share data | 3 Months Ended
Mar. 31, 2009 | 3 Months Ended
Mar. 31, 2008 | 9 Months Ended
Mar. 31, 2009 | 9 Months Ended
Mar. 31, 2008 |
Revenues [Abstract] | ||||
Licenses revenue | $51,919 | $51,534 | $166,845 | $150,952 |
Customer support revenue | 101,949 | 91,606 | 300,816 | 268,524 |
Service and other | 38,167 | 35,622 | 114,648 | 105,787 |
Total revenues | 192,035 | 178,762 | 582,309 | 525,263 |
Cost of Revenue [Abstract] | ||||
Cost of revenues: License | 4,496 | 3,093 | 12,670 | 11,296 |
Cost of revenues: Customer support | 17,304 | 14,292 | 50,227 | 41,081 |
Service and other | 30,288 | 28,856 | 89,898 | 86,552 |
Cost of revenues: Amortization of acquired technology intangible assets | 11,625 | 10,440 | 34,171 | 30,900 |
Total cost of revenues | 63,713 | 56,681 | 186,966 | 169,829 |
Gross profit | 128,322 | 122,081 | 395,343 | 355,434 |
Operating Expenses [Abstract] | ||||
Research and development expense | 28,809 | 27,990 | 87,335 | 78,120 |
Sales and marketing expense | 44,426 | 41,307 | 138,605 | 121,466 |
General and administrative expense | 17,937 | 18,268 | 54,604 | 52,233 |
Depreciation | 3,229 | 2,909 | 8,847 | 9,645 |
Amortization of acquired customer-based intangible assets | 11,176 | 8,077 | 29,529 | 23,006 |
Special charges (recoveries) | 1,788 | (14) | 13,234 | (122) |
Total operating expenses | 107,365 | 98,537 | 332,154 | 284,348 |
Income from operations | 20,957 | 23,544 | 63,189 | 71,086 |
Other Expenses [Abstract] | ||||
Other income (expense), net | 11,655 | (6,831) | (148) | (12,341) |
Interest income (expense), net | (2,431) | (6,684) | (10,772) | (22,123) |
Income before income taxes | 30,181 | 10,029 | 52,269 | 36,622 |
Income Tax Expense (Benefit) [Abstract] | ||||
Provision for income taxes | 8,146 | 2,594 | 14,761 | 10,448 |
Net income before minority interest | 22,035 | 7,435 | 37,508 | 26,174 |
Minority interest | 0 | 168 | 51 | 422 |
Net income for the period | $22,035 | $7,267 | $37,457 | $25,752 |
Earnings Per Share [Abstract] | ||||
Net income per share - basic | 0.42 | 0.14 | 0.72 | 0.51 |
Net income per share - diluted | 0.41 | 0.14 | 0.71 | 0.49 |
Weighted average number of Common Shares outstanding - basic | 52,312 | 50,979 | 51,825 | 50,666 |
Weighted average number of Common Shares outstanding - diluted | 53,441 | 52,789 | 53,122 | 52,424 |
Statement of Cash Flows
Statement of Cash Flows (Unaudited, USD $) | ||
In Thousands | 9 Months Ended
Mar. 31, 2009 | 9 Months Ended
Mar. 31, 2008 |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net Income (Loss) | $37,457 | $25,752 |
Adjustments to Reconcile Income (Loss) to Net Cash Provided by (Used in) Continuing Operations [Abstract] | ||
Depreciation and amortization | 72,547 | 63,551 |
In-process research and development | 121 | 500 |
Share-based compensation expense | 3,957 | 2,795 |
Employee long-term incentive plan | 2,396 | 1,490 |
Excess tax benefits from share-based compensation | (8,382) | (867) |
Undistributed earnings related to minority interest | 51 | 422 |
Pension Expense | 1,124 | 0 |
Amortization of debt issuance costs | 831 | 1,004 |
Unrealized (gain) loss on financial instruments | (134) | 5,579 |
Loss on sale and write down of capital assets | 353 | 0 |
Deferred taxes | (3,577) | (4,619) |
Accounts receivable | 47,897 | (7,018) |
Inventory | (320) | 0 |
Prepaid expenses and other current assets | (3,425) | (2,008) |
Income taxes | 9,656 | 5,892 |
Accounts payable and accrued liabilities | (21,177) | (7,849) |
Deferred revenue | (1,304) | 36,055 |
Other assets | (528) | 686 |
Net cash provided by operating activities | 137,543 | 121,365 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Acquisition of capital assets | (6,308) | (5,414) |
Purchase of a division of Spicer Corporation | (11,437) | 0 |
Purchase of eMotion LLC, net of cash acquired | (3,635) | 0 |
Purchase of Captaris Inc., net of cash acquired | (101,033) | 0 |
Additional purchase consideration for prior period acquisitions | (4,612) | (451) |
Purchase of an asset group constituting a business | 0 | (2,209) |
Investments in marketable securities | (8,930) | 0 |
Acquisition related costs | (12,578) | (14,907) |
Net cash used in investment activities | (148,533) | (22,981) |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Excess tax benefits on share-based compensation expense | 8,382 | 867 |
Proceeds from issuance of common stock | 17,674 | 11,415 |
Repayment of long-term debt | (2,570) | (62,746) |
Debt issuance costs | 0 | (349) |
Net cash provided by (used in) financing activities | 23,486 | (50,813) |
Effect of Exchange Rate on Cash and Cash Equivalents [Abstract] | ||
Foreign exchange gain (loss) on cash held in foreign currencies | (30,364) | 18,212 |
Cash and Cash Equivalents, Period Increase (Decrease) [Abstract] | ||
Cash and Cash Equivalents, Period Increase (Decrease) | (17,868) | 65,783 |
Cash and Cash Equivalents, at Carrying Value, Beginning Balance | 254,916 | 149,979 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $237,048 | $215,762 |
Document Information
Document Information (Unaudited) | |
9 Months Ended
Mar. 31, 2009 | |
Document Information [Line Items] | |
Document Type | 10-Q |
Amendment Flag | false |
Amendment Description | None |
Document Period End Date | 2009-03-31 |
Entity Information
Entity Information (Unaudited, USD $) | |
9 Months Ended
Mar. 31, 2009 | |
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 | 52,618,018 |